.....the frequency response of the system is a complex combination of all the
stages
MTF of the system is the product of the components. (one can include the eye
in that) Piers had a very nice link on that a few years back.
I am compelled to bring up the ugly beast of diffraction as Dr. Diffraction is
unable to do so. The smaller sensor is "diffraction limited" at larger
aperture, though this can be ameliorated with careful PP.
As Moose most aptly demonstrated the MFT sensor have competitive resolution but
my point was that the S/N and DR advantage of capturing more photons on a
larger sensor is perhaps even more important to consider depending on the
application.
Student of Dr. Diffraction, Mike
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