Olympus 7040 has a
14.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor and features TruePic III processor. On the other hand, Panasonic TS5 has a
16.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CMOS sensor .
Below you can see the 7040 and TS5 sensor size comparison.
Sensor Size and Resolution Comparison image of Olympus 7040 and Panasonic TS5 Cameras
Olympus 7040 and Panasonic TS5 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 15% larger pixel area compared to Panasonic TS5, 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 TS5 ,
including hyperfocal distance.