“The Nikon V1’s image quality is pretty good for its size [though] it doesn’t quite rival the image quality of competing Micro Four Thirds and APS-C compact system cameras at higher ISOs.“
Imaging Resource has posted their review of the Nikon 1 V1, a compact mirrorless with 10.1MP resolution (on a 1.0-in. 13.2 x 8.8mm CMOS sensor), interchangeable lens on Nikon 1 mount, 3.0-in. LCD (921k-dot), 1,440,000 -dot (SVGA) electronic viewfinder (EVF), PASM, Scene Modes, Motion Snapshot, Shutter speed range of 1/4,000 to 30 sec. plus B, Continuous Shooting 5fps (or 60fps, electronic shutter), Hybrid autofocus (phase detection/contrast-detect AF), RAW, proprietary accessory shoe, and Full HD 1920 x 1080/60i Movie with stereo sound.
You can read the Nikon 1 V1 Review @ Imaging Resource.