While there are many praises and reviews on this camera, i thought it would only be fair if i go around and play with it before i pass on my conclusion to it. Its been some months now since it was released and one respected review (steve huff) which i often refer to, also praises it for its overall capability and there are even comparison with 4/3rds systems.
Now after playing with it around for a while, i came to a very simple conclusion. The camera is unable to perform any decent shallow depth of field (bokeh) apart from close up shots. The ability to do DOF is very important, sometimes even more important than sharp focusing, this is my personal opinion. Hence the Nikon V1, would not be preferred over 4/3 systems cause 4/3 could easily do bokeh that this small gem can't.
Limiting yourself to just large DOFs is nothing more than what compacts have been delivering all these years. Yeah sure u can slap in the FT mount and put in a 50mm 1.8 nikon lens, but that would be transformed into a 135mm lens, that means you either pay very expensively for wide-angle lens so that your 2.7 crop factor would make it into a 35-50mm format or you are stuck with the current slow lens that is offered.
Come on, the Sony and 4/3rd have much better pancake lens than a 10mm 2.8 and could deliver bokeh easily.
In all fairness, I would find it hardpressed that any salted photographer would find the V1 anything more than just amusing or infatuation.
Here is one that i took recently, notice how DOF makes it all more interesting...
** here is the joke though, i bought the V1 after writing this. I call it Leica-M-auto-syndrome, after using leica M and manual focusing for sometime, bokeh or not, hell i need a camera that focus super fast and one that i can use as simple snaps without compromising quality too much and without getting too near to the M9
Updated : Having said that, its now been 5 months since i played with the V1. Nikon should really have used a bigger sensor. Rightnow, its just a glorified point and shoot. If you are thinking of buying it, i suggest no, instead go for X-pro1 or OMD.