I feel ripped off by Nikon 1 system

You're thinking about this completely backwards.
You only feel ripped off, because you think other people might be happier than you.  Which is a destructive way to think.  Why don't you realize one thing -- that Nikon did well enough on the Nikon 1 cameras that it ACTUALLY can lower the price now that the production costs have gone down.
This is exactly the same thing for new products in every single category.  Whenever a new product comes out, its production cost is HUGE compared to the revenue it brings in.  So to pay the bills, a higher price is set.  But when a product is found to become popular, it pays its own way, and everything else is gravy.  Instead of trying to capitalize on this, Nikon correctly realized that it was time to lower the price.

Furthermore, the camera itself is a consumer product.  Just like point and shoots.  There are new upgrades to point and shoots every single year.  People are not ripped off just because a Canon S95 is half the cost that it was 1 year ago.   I bought a Canon S95 for a crap load of money (I'm a Nikon D700 user but needed a P&S).  Canon quickly came out with the S100 and will come out with more cameras.  Am I angry or ripped off?  No.  I could have bought an S90, or some other older model for half their price.

In your case, you acted as an "early adopter" -- meaning that you purchased in the first generation.  So you and I have a lot alike (I bought an upgrade, even though I could have bought an older one).  You could have waited a year or two -- or at least waited for the Holiday sales, for gosh sake.  But you decided (just like I decided) to buy your camera when you did.

That's not being ripped off.
I know it hurts the pocket, but you have to remember that DSRLs and Mirrorless cameras are not about the body.  Those will be upgraded every year or year and a half, most likely.  Its about the lenses.
My D700 is worth 1/2 what it was when I bought it.
But my Nikon lenses actually went up in value.

I wasn't ripped off -- this happens to everyone.

If I buy a V2 for my next fun trip (since my crappy S95 isn't focusing right anymore and the D700 is so damn heavy/bulky), in about a year, my V2 will probably be being replaced as well.
That's not being ripped off -- its BECAUSE we buy these things that they are ABLE to go down in value later.  If we had not bought them originally, then Nikon would have stopped selling them or the price would never have gone down.  So the only question is -- how long do you wait for something that you really want?  
You're cameras not worthless as long as you make great pictures with it.  And my D700 isn't worthless just because a D800 is much much better and the D600 does pretty much the same thing plus video.
It is what it is, right?  

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Sincerely, GlobalGuyUSA