Panasonic TS5 has a
16.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CMOS sensor . On the other hand, Olympus 7040 has a
14.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor and features TruePic III processor.
Below you can see the TS5 and 7040 sensor size comparison.
Panasonic TS5 and Olympus 7040 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 7040 has 15% larger pixel area (2.01µm2 vs 1.74µm2) compared to Panasonic TS5, it has larger pixel area to collect light hence potential to have less noise in low light / High ISO images.