Do'nt know much about the Nikon V1 or J1, but I am not impressed with very small cameras. Lighter, yes , and this is why I choosed the Pana . I like the Sony line as well , but their lenses are very expensive , and I do not want to use my Nikon lenses on any of these cameras. do'nt not need the bulk anymore. When I put the Pana 45-200mm on the the camera, it is still a very light camera to use, and I do not need a tripod. My AF-S 300mm lens alone weighs almost (not quite sure) about 3 times as much. Now if I could have the Sony OLED on the Pana, I would not need another camera, but again that would entail a mirrow. They are going to get better, and better , and I am sure that both Nikon, and Canon are going to look seriously into this