Both Panasonic FZ300 and Leica V-Lux 4 have 12.0 MP resolution sensors but Panasonic FZ300's sensor is 1/2.3 (6.17 x 4.55 mm ) and Leica V-Lux 4's sensor is 1/2.3-inch (6.08 x 4.56 mm ).
Since Panasonic FZ300'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 Leica V-Lux 4.
Below you can see the FZ300 and V-Lux 4 sensor size comparison.
Sensor Size and Resolution Comparison image of Panasonic FZ300 and Leica V-Lux 4 Cameras
Panasonic FZ300 and Leica V-Lux 4 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 FZ300
or the
Leica V-Lux 4 ,
including hyperfocal distance.
One thing to watch when comparing these two: they have different sensor sizes
(1/2.3 versus 1/2.3-inch),
so compare them at the same framing rather than the same focal length.
Put the same focal length on the smaller sensor and it will show less depth of
field, not more, because it also crops tighter. The calculator shows the
full frame equivalent focal length for each body so you can match the framing.