What is the point in the Nikon 1?
It seems to combine the portability of an SLR with the image quality of a compact- the worst of both worlds
The point allows you to focus and shoot from any or alternate angles.
There are those people who need a camera that has a much larger sensor than a P&S and uses interchangeable lenses, yet want to carry it and a couple of lenses in their briefcase or purse.
Here is a list of some of my acquaintances that need and use such cameras
* Realtors
* Engineers
* Field scientists
* Building inspectors
This is a short list and for their needs, the Nikon 1 Series camera does what they need.
I carry around a couple of dSLR's in my backpack, so I'm not one of these who really need such a compact EVIL camera.
There's a certain aim to capitalise on the Nikon brand with a less expensive and smaller camera system, which is a larger market than the more serious SLR market.
If you are an enthusiast, you can simply ignore this class of camera, and if you are a consumer, you can make your mind up, it's got a small advantage over a a compact, but it is a lot bigger than pocket sized, but be in no doubt it can't keep up with a DSLR.
The point is that Sony and Olympus owned this market, and Nikon wanted a piece. Sony and Olympus still own the EVIL market, and Nikon will not, nor will Canon with it's new M camera.
It's a half-way house really. The sensor is larger and better than most compacts, but not as big and good as a DSLR. Nikon were in an awkward position really. They needed something in the mini-EVIL market, but couldn't make it as good as their own DSLR cameras without stuffing that market for themselves, so they ended up with a poor compromise. Personally I think they would have been better off launching an EVIL equivalent of the D3100, which would have given them an entry into the smaller EVIL camera segment, but still have access and lockin to the full Nikon range.
Really the Nikon 1 is a triumph of marketing over substance. It's being sold as quick, easy and cool - but a lot of people haven't figured out yet that doesn't make it good!