Nikon 1 J1 for £300ish or what else?

I really want a new camera. I currently have an old 12mp Kodak I bought few years back an although it good, I want better. I'm an amateur and not really looking to do real photography, I just want high quality images of my life experiences. I like te idea of a dslr such as a d3100 or 1100d but they are too bulky and heavy for me to carry often. So I thought about the Nikon 1 but not sure what else is comparable to it. I can get it for £300 with the 10-30 lense.

The problem with compact Interchangeable Lens Cameras (ILCs) is that once you start adding on the lenses they are really not that that much smaller than entry level DSLRs. Certainly Sony's entry level Single Lens Translucent Mirror (SLT) cameras are roughly the same size, but have a sensor almost twice the size of the Nikon J1, and there are far more upgrade options available.

Have you considered why the J1 and V1 are being so heavily discounted? Here in the UK they are just not selling, and high street stores want them off the shelves!