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 TS6 has a
16.0MP 1/2.33' (6.08 x 4.56 mm ) sized CMOS sensor .
Below you can see the 7040 and TS6 sensor size comparison.
Olympus 7040 and Panasonic TS6 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 TS6, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.