Panasonic FP1 has a
12.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor and features Venus Engine IV processor. On the other hand, Nikon AW120 has a
16.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CMOS sensor .
Below you can see the FP1 and AW120 sensor size comparison.
Sensor Size and Resolution Comparison image of Panasonic FP1 and Nikon AW120 Cameras
Panasonic FP1 and Nikon AW120 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.
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
Panasonic FP1
or the
Nikon AW120 ,
including hyperfocal distance.