Nikon L120 has a 14.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CCD sensor and features Expeed C2 processor. On the other hand, Nikon S8200 has a 16.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features Expeed C2 processor.
Below you can see the L120 and S8200 sensor size comparison.
Nikon L120 and Nikon S8200 have 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 Nikon L120 has 14% larger pixel area compared to Nikon S8200, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.