Slobodan, Peter, spidermike, Telecaster, and everyone else: Would you please be so kind as to indicate with which of the following statements you would disagree?
1.) For any photograph we take, we have four parameters to decide about: Focal length, shutter speed, F-number, and ISO settings.
2.) Changing the focal length affects the angle of view.
2.1) The relation between focal length and angle of view depends on the sensor size. 150mm focal length on a MFT yields the same angle of view as 300mm focal length on a FF
3.) Changing the shutter speed affects the amount of motion blur.
3.1) The relation between shutter speed and motion blur is independent of the sensor size, therefore it's the same for MFT and FF respectively.
4.) Changing the F-number affects the amount of background blur (a.k.a. "bokeh")
4.1) The relation between F-number and the amount of background blur depends on the sensor size. f2.8 on a MFT yields the same amount of background blur as f5.6 on a FF.
5.) Changing the ISO settings affects the amount of image noise.
5.1) The relation between ISO settings and the amount of image noise depends on the sensor size.
ISO200 on a MFT yields the same the amount of image noise as ISO800 on a FF. 6.) Parameter sets for different cameras (to wit, MFT and FF) are equivalent if and only if they lead to equivalent results, i.e. the same angle of view, the same amount of motion blur, the same amount of background blur, and the same amount of image noise
6.1) A picture taken with an MFT @ 150mm focal length, 1/125 sec shutter speed, f2.8, ISO200 will have less bokeh and more noise than a picture taken with an FF @ 300mm focal length, 1/125 sec, f2.8, ISO200.
6.2) A picture taken with an MFT @ 150mm focal length, 1/125 sec shutter speed, f2.8, ISO200 will have the same angle of view, the same motion blur, the same background blur, and the same image noise as a picture taken with an FF @ 300mm focal length, 1/125 sec, f5.6, ISO800.
Like I said, please indicate which of these statements you believe is false.