The problem with the camera is that it looks terrible on paper. Small sensor, minimal controls, little in the way of on-body customisation... The list goes on. The anonymisers on the Internet we're quick to dismiss it as a white elephant, a folly with a short shelf life, no competition for the micro four thirds or the Nex.
However, you have to see what it brings to the table instead. If Nex7 is the resolution king, then the V1 is the speed. if I told you there was a compact camera out there with a sensor twice the size of the X10, G12 or D-Lux... with DSLR focus speed..... Instant shutter response... and an SLR size buffer which shoots RAW quicker than a D90.. A 100% viewfinder with plenty of eye relief... with a 300mm lens that's as sharp as the 70-300VR that weighs as little as a 50 prime... Well, there's plenty of folks that would take notice.
Instead, the forums are full of 'but you can't get bokeh' criticisms. Of course you can get OOF areas, you can do it with any lens at any focal length within reason, if you compose well. Most people on here can get bokeh from a compact, and the sensor in the V1 is twice the size, making the job much easier. I wonder sometimes whether certain forums are full of vociferous newbies, thrilled with their first minimal depth of field shot from their first fast prime, who don't realise there's much more to photography than minimal depth of field shots, but that's just me...
Anyway, the other reasons most cite for a larger sensor is high ISO capability, but the V1 performs well up to 1600 and very decently at 3200.
The two zooms are great, nice and sharp, but the 10mm prime brings little to the table other than an extremely compact form factor. This is Nikon, though, and you can guarantee they will release more lenses for the system; unlike micro four thirds, they have been a lens manufacturer for longer than they have been making cameras. Still, buy a V1 for what it is now rather than what it might be.
The main issue is that the Auto settings often choose lower ISO and slower shutter speeds over fast action. This is at odds with the V1's speed ethos, and Nikon do need to issue a firmware fix which allows DSLR-like control of the auto ISO settings. If you're experienced enough, you can get around this easily by either selecting the ISO manually or shooting shutter priority. Either of these changes requires a trip through the settings menu: it's not difficult, but there's no on body controls to make it instant.
The major advantage for a Nikon shooter is the FT1 adapter. This means you can share interchangeable lenses between your SLR and your compact camera, which for me is huge. I prefer tele to wide, so I don't miss a 24, but at the moment 28 is your widest native option. However, my 50/1.4 becomes a 135/1.4 (with a wonderfully tiny depth of field, bokeh-requirers), my 70-300VR becomes a 180-810mm VR with f/5.6 at the long end. Couple the 810mm/5.6 with VR and fast centre point, phase detect, autofocus as fast as an SLR in good light, and you can see why the V1 is becoming a secret weapon for wildlife..
Don't buy one on spec, for some a Nex or G3 will be the better option. It is expensive, it is still early in its life, but for the Nikon owner looking for speed and telephoto options it offers something no other compact can.
But it's not for me to say - you'll have to buy the magazine.
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