Canon SD4000 IS has a
10.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features Digic 4 processor. On the other hand, Panasonic GF7 has a
16.0MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features Venus Engine processor.
Panasonic GF7's sensor provides 6MP more than Canon SD4000 IS's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the SD4000 IS and GF7 sensor size comparison.
As seen above, Panasonic GF7 has a 8.0x Larger sensor area than Canon SD4000 IS. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.