Both Olympus 7040 and Panasonic TS2 have 1/2.3-inch sized 14.0 MP resolution sensors so sensor size and resolution is not a differentiator between these two cameras.
Below you can see the 7040 and TS2 sensor size comparison.
Sensor Size and Resolution Comparison image of Olympus 7040 and Panasonic TS2 Cameras
Olympus 7040 and Panasonic TS2 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 7040 has 1% larger pixel area compared to Panasonic TS2, 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 7040
or the
Panasonic TS2 ,
including hyperfocal distance.
