If I'm not mistaken this V1 doesn't even have a pop-up flash and the available accessory flash is way too large to keep on the camera at all times (unlike the NEX flash)... add to that the fact that it isn't all that small and doesn't really have a big sensor or fast lenses, nor other USP's like rotating screen, lots of manual control or proper wide angle lenses, and I'm thoroughly disappointed. Quick hybrid AF, high fps and a max shutter speed of 1/16000 are nice but don't cut it for me.
They have some features aimed at compact camera upgraders such as simultaneous movie and photo making (which is admittedly nice), but other manufacturers have features that are probably equally appealing to P&S upgraders such as prettier looks, smaller size, and simply a larger sensor.
The only thing that I see that is truly new is Motion Snapshot, which seems to be a sort of Harry Potter-like photo that has some limited slow-motion movement (and sound), it would be neat to incorporate this into one of those digital photoframes, but it's obviously useless for printing.
Nikon will have to rely very heavily on their brand name, because to P&S users I don't see it as sufficiently different from or better than the competition to warrant anywhere near its price, and to enthusiasts it simply lacks in just about any area of importance I can think of.
Also their press release is just ridiculously arrogant and blind to reality, even for a bunch of marketing people:
This Nikon 1 system represents a new category of camera that challenges conventional thinking, emphasizing a pocketable form factor with unbelievable speed, combined with the high image quality that only Nikon could create.
as if they're the first ones to think of mirrorless cameras!