Casio Pro EX-F1 has a 6.0MP 1/1.8" (7.144 x 5.358 mm ) sized CMOS sensor . On the other hand, Olympus SH-1 has a 16.0MP 1/2.3" (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features TruePic VII processor. Olympus SH-1's sensor provides 10MP more than Casio Pro EX-F1'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 Pro EX-F1 and SH-1 sensor size comparison.
As seen above, Casio Pro EX-F1 has a 1.4x Larger sensor area than Olympus SH-1. 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.