Canon ELPH 340 HS has a
16.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CMOS sensor and features DIGIC 4+ processor. On the other hand, Panasonic FP2 has a
14.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor and features Venus Engine IV processor.
Below you can see the ELPH 340 HS and FP2 sensor size comparison.
Canon ELPH 340 HS and Panasonic FP2 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.