Another take on the question...
Omer wrote
We have a 45mm f/1.8 lens for m4/3 and we also have a 45mm f1.8 lens for FF.
They both have same FL and f number.
If we want to take the same photo at same light conditions...
Given a 45 mm lens on both cameras, the only way to
take the same photo is to crop to the center 1/2 x 1/2 of the FF sensor.
If you do that, then you are effectively
using the same sensor area in both cameras, by throwing away 3/4 of the information captured by the FF sensor.
... do the exposure times will be same or because of 2 crop factor m4/3 camera will have the half exposure time of FF camera? (Same ISO)
The exposure times will be the same. Also the image noise will be the same (per same area on subject). And if you render the two images (m4/3 and cropped FF) at the same size, they will have the same DOF.
On the other hand, if you want to
use the whole FF sensor, and also take the same photo, then you have to adjust the lens FL to capture the same FOV, and you have to adjust the lens aperture so that the entrance pupil diameter is the same. If you're shooting a scene at long distance, that could be accomplished either by sticking a 22.5mm f/0.9 lens on the M4/3 body (matching 45mm f/1.8 on FF) or more practically by sticking a 90mm f/3.6 lens on FF (matching 45mm f/1.8 on M4/3).
Assuming there is something
moving in the scene, then to take the same picture you also
must use the same shutter speed, so this will require setting ISO on the FF camera to be 4X higher than on the M4/3, for example ISO 400 on FF versus ISO 100 on M4/3.
All this is the essence of what is called
equivalent images analysis. If you want the same image from two different sensor sizes, then you have to shoot through an entrance pupil that has the same size and position, for the same amount of time, using a lens FL that gives the same FOV. This
implies that the effective f-number (as seen by the sensor) will scale in proportion to the linear size of the sensor, and the ISO setting will scale in proportion to the area of the sensor. The resulting DOF, diffraction, and shot noise per subject area will all be the same in both cases.
One corollary of this analysis is that if you want to get
less noise from the FF sensor, then you can
not "take the same photo at same light conditions". You have to either use a longer exposure time (potentially sacrificing motion blur), or a wider entrance cone (definitely sacrificing DOF), or increase the illumination intensity by adding light. The advantage of a larger sensor is that it gives you more freedom to do these things.
--Rik