Olympus VG-120 has a
14.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CCD sensor and features TruePic III processor. On the other hand, Sony TX200V has a
18.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features BIONZ processor.
Below you can see the VG-120 and TX200V sensor size comparison.
Olympus VG-120 and Sony TX200V 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 VG-120 has 30% larger pixel area compared to Sony TX200V, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.