I have been taking a look at the V1 as prices seem to have dropped and there is a cash back available.
My concern(as I guess with most people) is the sensor size and resolution.
I have used so many different cameras over the years it's embarrassing but I now know I definitely don't want to go down the DSLR route ever again. The reality is I enjoy photography but I don't need (as I have had in the past) an all singing, top of the range set up. I currently have a Canon G1X and the results from that are superb but it is limiting in terms of lens range and the AF takes some getting used to (especially close up).
I have tried MFT (several times!) but something about it just doesn't click with me although the new Olympus primes are fantastic.
The two lens kit with the V1 looks very appealing where two compact lenses cover a big range - reviews of the lenses look positive too.
Despite not being a 'serious photographer' I have a certain level of expectation around image quality. I always like Steve Huff's reviews and he rates the Nikon 1 system very highly.
I would really welcome some views from photographers who use more 'high end' systems but have this as a second system. Accepting the limitations in some areas how does it stack up in terms of image quality and could you see yourself choosing it if you could only have one outfit?