Is the Nikon 1 J1 worth it?

I'm really wanting a great camera and honestly I'm not sure what type of camera to get. The Nikon 1 J1 caught my eye and it's about $500 at Target, but honestly I want a DSLR, but I can't really find any cheap ones. Can anyone help me with what I should get/do?

In a word - NO!

Get a Nikon D3200 DSLR instead.

It depends.

Do you want a camera that uses interchangeable lenses that you can put into a briefcase or purse? Then sure, it is a fine camera, much better and with more control than a P&S or bridge camera

If you are going for the highest quality at the lowest price, then the Nikon D3200 may be the better choice.

No, it's overpriced.

Get a DSLR as they give you better quality anyway. A Nikon D3200 or even D3100 would be a great camera to start out with.

No, it's not. It doesn't have a viewfinder that you can look through. Nor a hotshoe for a flash.
I didn't like the way it feels in my hands.
For $500 you can get a Canon Rebel T3. Or for a little more, the Nikon D3100.
Even at $100, I wouldn't buy the J1.

No it doesn't have a viewfinder. Instead check out for Nikon D3200 the performance is amazing in addition to the 18-55 kit lens being outstanding. I also purchased a Nikon 35mm lens to go with the camera and will review it after working with it. All of the controls on the D3200 seem to be placed with care and are so intuitive to use that I feel like I've had the camera for years. The menu system is also quite intuitive and anyone who has ever used a DSLR before (whether Nikon or not) will find it very easy to work with.