How good IQ on the V1?

How good the IQ is depends more on your skill level and  the lighting conditions. Under bright, daylight or very favorable conditions a V1 will do a good job when compared to a D300s (assuming similar DOF and quality glass used) . Most people who purchased a DX D-Slr shot under favorable conditions and that is one reaosn they will  assume that the IQ is similar. Once the shooting conditions become challenging then the benefit of larger sensor cameras comes into play. a DxO Marklab comparison between the V1 and an 8-year old 6Mp chip from the D40 shows that the D40 is superior in ISO performance, DR and color accuracy. A current low end d-slr like the D3200 has superior ISO performance (1,100 vs 350) and superior DR, color accuracy and resolution.