Both Kodak S-1 and Olympus E-PL8 have Four Thirds sized 16.0 MP resolution sensors so sensor size and resolution is not a differentiator between these two cameras.
Below you can see the S-1 and E-PL8 sensor size comparison.
Sensor Size and Resolution Comparison image of Kodak S-1 and Olympus E-PL8 Cameras
Kodak S-1 and Olympus E-PL8 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 Olympus E-PL8 has 1% larger pixel area (14.12µm 2 vs 13.93µm 2 ) compared to Kodak S-1, it has larger pixel area to collect light hence potential to 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
Kodak S-1
or the
Olympus E-PL8 ,
including hyperfocal distance.