Casio EX-Z90 has a
12.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CCD sensor and features Digic 4 processor. On the other hand, Panasonic LZ40 has a
20.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CCD sensor .
Panasonic LZ40's sensor provides 8MP more than Casio EX-Z90'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 EX-Z90 and LZ40 sensor size comparison.
Sensor Size and Resolution Comparison image of Casio EX-Z90 and Panasonic LZ40 Cameras
Casio EX-Z90 and Panasonic LZ40 have the same sensor sizes so they will provide same level of control over the depth of field when used with same focal length and aperture. On the other hand, since Casio EX-Z90 has 65% larger pixel area compared to Panasonic LZ40, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.
Sensor size sets the circle of confusion, so it drives how much depth of field each
of these bodies gives you at a given aperture. You can calculate it exactly for the
Casio EX-Z90
or the
Panasonic LZ40 ,
including hyperfocal distance.