Is the V1+lens at $300 the bargain of the year? (gift for family member)

While that setup would certainly be powerful, it would not be a P&S replacement.  The genius of the P&S is simplicity.  Take out the camera, turn it on, frame the shot, push 1 button.

With an external flash attached, the V1 is powerful, but it no longer fits the role of P&S.

Example: Both my D7000 and D60 will take outstanding photos with an external flash attached (I have both a SB400 and SB600).  With 100% certainty, I can say that both will blow any P&S out of the water  almost 100% of the time.

BUT, the first rule of a gunfight is to have a gun.  Because of size and bulk, my D60 and D7K don't travel with me all the time.  In contrast, my little J1 fits in a very small case that I can carry just about anywhere.  It fits in my briefcase.  It fits in my wife's purse.  Any time I travel someplace interesting, it is with me.  While I often use its more powerful features, I can use it in P&S mode. Take it out, turn it on, take the shot.

Because it requires an external flash, the V1 cannot be used like that.