Olympus E-500 has a
8.0MP Four Thirds (17.3 x 13 mm ) sized CCD sensor . On the other hand, Panasonic GX85 has a
16.0MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features Venus Engine processor.
Panasonic GX85'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.
One other difference between these two cameras that is worth mentioning is that Panasonic GX85's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moiré occurring in certain scenes.
Below you can see the E-500 and GX85 sensor size comparison.
Olympus E-500 and Panasonic GX85 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 98% larger pixel area compared to Panasonic GX85, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.