Both Olympus VG-110 and Canon G15 have 12.0 MP resolution sensors but Olympus VG-110's sensor is 1/2.3-inch (6.17 x 4.55 mm ) and Canon G15's sensor is 1/1.7-inch (7.44 x 5.58 mm ).
Since Canon G15's has a larger sensor area with the same resolution, this means that it also has a larger pixel area hence better light collecting capacity for a given aperture compared to Olympus VG-110.
Below you can see the VG-110 and G15 sensor size comparison.
As seen above, Canon G15 has a 1.5x Larger sensor area than Olympus VG-110. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.