Obtaining three-dimensional scenery data is an essential task in computer vision, with diverse applications in various areas such as manufacturing and quality control, security and surveillance, or user interaction and entertainment. Dedicated Time-of-Flight sensors can provide detailed scenery depth in real-time and overcome short-comings of traditional stereo analysis. Nonetheless, they do not provide texture information and have limited spatial resolution. Therefore such sensors are typically combined with high resolution video sensors. Time-of-Flight Sensor Fusion is a highly active field of research. Over the recent years, there have been multiple proposals addressing important topics such as texture-guided depth upsampling and depth data denoising. In this article we take a step back and look at the underlying principles of ToF sensor fusion. We derive the ToF sensor fusion error model and evaluate its sensitivity to inaccuracies in camera calibration and depth measurements. In accordance with our findings, we propose certain courses of action to ensure high quality fusion results. With this multivariate sensitivity analysis of the ToF sensor fusion model, we provide an important guideline for designing, calibrating and running a sophisticated Time-of-Flight sensor fusion capture systems.