According to latest rumor, the Sony sensor is roughly 85.6mm² while the Lumia 1020 sensor is roughly 217.2mm². In terms of area, the Lumia has about 254% more area to capture light. This means that per pixel, the Lumia 1020 has a 24% bigger area than Sony's sensor.
Base on this + the bigger optics, the L1020 should have a better picture & it will be noticeable. Plus with the OIS & Mechanical shutter, this is as close as you can get to a DSLR on a mobile platform. Having a mechanical shutter means that the Lumia 1020 is of the non interline type (no extra circuit to store electrical charge after light is captured.)
In addition, it is BSI, so the Lumia 1020 sensor can be made smaller & thinner than the PV808 sensor without sacrificing sensitivity (in theory).
However, at the end of the day, small sensors always have quantum interference issues in that the photon can randomly fall on 2 to 3 adjacent pixels & create noise. Micro-lens reduce this by a lot but not 100% which is why small sensors these days are so much better than 5 years ago.
Lastly some forums are debating the reason, oversampled Lumia 1020 5mpix pictures have more noise than PV808's & this may be because, without the dedicated IC doing the scaling, Nokia may be forced to use a less CPU intensive algorithm that the Snapdragon S4 can handle, like Weighted Average, rather than Bilinear Interpolation or the better (but super CPU intensive) Bicubic Interpolation method.