Canon SX120 IS has a 10.0MP 1/2.5-inch (5.744 x 4.308 mm ) sized CCD sensor and features Digic 4 processor. On the other hand, Panasonic F5 has a 14.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor .
Below you can see the SX120 IS and F5 sensor size comparison.
As seen above, Panasonic F5 has a 1.1x Larger sensor area than Canon SX120 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.