Both Olympus E-P3 and Panasonic GF5 have Four Thirds sized 12.0 MP resolution sensors so sensor size and resolution is not a differentiator between these two cameras.
Below you can see the E-P3 and GF5 sensor size comparison.
Sensor Size and Resolution Comparison image of Olympus E-P3 and Panasonic GF5 Cameras
Olympus E-P3 and Panasonic GF5 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.
DxOMark Sensor Scores
Both Olympus E-P3 and Panasonic GF5 sensors have been tested by DxoMark. DxoMark scores camera sensors for color depth (DXO Portrait), dynamic range (DXO Landscape) and low-light sensitivity (DXO Sports), and also gives them an overall score. Of the two cameras that we are comparing, E-P3 has scored 51, 1 points higher than GF5.
Model
Overall
Color Depth
Dynamic Range
Low-light ISO
Olympus E-P3
51
20.8 bits
10.1 Evs
536 ISO
Panasonic GF5
50
20.5 bits
10.0 Evs
573 ISO
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-P3
or the
Panasonic GF5 ,
including hyperfocal distance.