I am finding the Nikon 1 V1 to be more interesting each time I do some reading on the subject. I may or may not buy, but the research surely does stimulate the brain.
On the purely practical side, a V1 uses the same models of battery and charger as my wife's D7000. If an admittedly expensive FT1 adapter is purchased, lenses can be shared, to some extent. I have not yet checked to see whether or not the V1 will meter with some of my older Nikkors, but it is good to know that any AF-S G lenses purchased in the future will be fully compatible.
The friend who did much to plant the seed that revived my latent interest in photography, Stuart, routinely carried two cameras: a point and shoot in a small waist pouch on the front of his body, and his big SLR slung in a larger shoulder-bag. When an interesting subject would present itself, Stuart could quickly draw his Yashica T4 Super and make the shot, that he would likely have missed with his SLR.
Inspired by Stuart, I bought a Kyocera T4, the then-current (late 1990s) equivalent of Stuart's P&S. (It took me until 2010 to finally buy an DSLR.) Will a Nikon 1 V1 be my first serious digital P&S? As Gordon indicated, the Nikon 1 can indeed make the quick shots. Other reviewers, on other sites, have reached the same conclusion. Steve Huff, whose true love is Leica M cameras, seems to really like the Nikon V1 for the times he does not want to carry his M9.
Has anyone reading this used an FT1 adapter yet?
Does anyone know if the Nikon 1 will meter with AF-D and AI lenses?
Canon 7D/5D/40D/1D2N; Nikon F6, D700, FM3A, & Coolpix A; Canon 40mm 2.8 STM, 135L, 50L, 35L, 50mm 1.8 I, 100mm 2.8L Macro, 10-22mm EF-S, 28-135 EF, 400mm 5.6L; Nikkor 50mm 1.2 AI-S, 50mm 1.4G, 50mm 1.8D, 16mm 2.8D Fisheye, 180mm 2.8D, 100-300mm 5.6 AI-S, 18mm 2.8D, Voigtlander 90mm f/3.5 SL II