PhotoPhoolish: In my opinion, this is just another poor attempt at a mirror-less design. The only companies to have got it right are Sony and Samsung due to their use of APS-C sized sensors. To use anything smaller, with 4/3 being a slight exception, is a waste. The cameras with smaller sensors are just glorified point and shoots with interchangeable lenses.
Why pay $1,000 for a camera and basic zoon lens when a G12, S100 or P7100 can give you equal quality shots and a larger zoom range for half as much money?
"There's a sucker born every minute." ~ P.T. Barnum
Also, what is the biggest problem with a P & S? I would say indoor shots under poor light with those built-in flashes, and not tracking of high speed objects. This is one clear reason why a larger sensor with better high ISO capabilities is a must in this type of design.
I can't believe it took Nikon 4 years to design this. Poor R & D for sure.
I am one of the "suckers that bought the V1. I normally shoot with a D300, a D7000 and a G12 depending upon what I am doing. After a couple of days of shooting the V1 and the G12, I sold my G12 and kept the V1. I shoot in raw and process in CS-5 so I don't need things perfect right out of the camera just the raw material to make a great quality of an image.
I am happy with the high quality in a small package when I want to travel light. Too many negative people that need to actually try the camera, not armchair it.