The Nikon V1 has some interesting techno bit to it like very fast AF plus it does some intersting stuff with video.
There are now begining to appear some reviews of it and one thing that does stand out is "the m4/3rds has a better ISO performance than the Nikons...."
But a Sony Nex beater?
No, Sony uses a APC chip the same one as in the Nikon D7000 and the Pentax K5, so the Sony again has a better high ISO capability and at the moment more lens plus you can get attachments and fit loads of older MF lens to them.
The Nikon does score on Video and being smaller, but size wise there is not much difference between the Nikon 1 series, Olympus Pens and the Sony Nex.