Olympus E-500 has a
8.0MP Four Thirds (17.3 x 13 mm ) sized CCD sensor . On the other hand, Panasonic GH2 has a
16.0MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features Venus Engine FHD processor.
Panasonic GH2's sensor provides 8MP more than Olympus E-500'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 E-500 and GH2 sensor size comparison.
Sensor Size and Resolution Comparison image of Olympus E-500 and Panasonic GH2 Cameras
Olympus E-500 and Panasonic GH2 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-500 has 99% larger pixel area compared to Panasonic GH2, 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
Olympus E-500
or the
Panasonic GH2 ,
including hyperfocal distance.