Lets see, i mostly use the M9 nowadays but after getting the V1, i was enjoying it for a while and now is time to share my thoughts on it.
The biggest problem and this really makes the V1 INFERIOR to ANY 4/3 is that you could not have shallow DOF due to the sensor size. I know this have been repeated over and over again so much so that Selena
Gomez "repeat peat peat peat" song comes in handy while writing this. But, i cannot help but emphasize on this point.
Here are 5 reasons why the lack of shallow DOF makes a camera near USELESS for todays use :
1. Nearly all movies/shows and ads you seen depends on shallow DOF or employ shallow DOF to give that pop visual impact. The Out of focus area or "blur" or bokeh is as important as the subject in focus.
2. Portrait/people photography are severely limited in beauty and appeal without shallow DOF. If you take a look a http://prosophos.com/ and wonder why his family images are so appealing, you only need to look at the f stops used. Most often its 1.4 or 2 and that means the images background are blurred to give the beautiful people in there a real pop.
3. Without shallow DOF, a 2d image (all photos are) layout of pixels gets badly mixed up with the background's pixel since essentially a deep DOF shows everything clearly, this renders the focus away from the subject unless you are shooting scenery all the time which requires deep DOF.
4. Its whats differentiate a P&S crap camera from the big DSLR brothers. Nikon 1 is super crap as long as it can't employ shallow DOF to its images. (it could when u position it real close to the subject or long zoom). Why buy a camera that give the output that is essentially a P&S and yet pay more?
5. Shallow DOF allows powerful distance blurring that is relative to distance. This cannot be duplicated or mimic properly by any software. No, not even bokeh2.0
Apart from that, the TOTAL lack of fast lens on the V1 makes its inferior to any 4/3 offering. For Eg, I was shooting in a cloudy day, on the OMD it requires just base iso with the 2.8 f, on the V1 its asking for ISO 800 on the same aperture! Nikon 1 system, is essentially a glorified P&S camera with an appealing auto-focus.
* Update : Sony released its own camera RX100 using the same sensor. In fact this makes more sense and the lens goes all the way from 28mm-100mm starting with F1.8! So this gonna trash Nikon silly 1 system any time and does it without purposely making it an "interchangable system"