Panasonic FX48 has a 12.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor . On the other hand, Canon SX120 IS has a 10.0MP 1/2.5-inch (5.744 x 4.308 mm ) sized CCD sensor and features Digic 4 processor.
Below you can see the FX48 and SX120 IS sensor size comparison.
As seen above, Panasonic FX48 has a 1.1x Larger sensor area than Canon SX120 IS. 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.