Late last week I was in Future Shop and decided to check out the new Nikon 1 series camera. They had a J1 on display, but it wasn’t working. So I did a quick eyeball size comparison between the Nikon, a Sony NEX 5n and a Olympus EPM-1. Interestingly, the body size of the Olympus was the smallest, with the NEX similar, but a little deeper which actually makes for a nice grip. The Nikon is taller and a little narrower. I haven’t had a close look at the Pentax Q yet, but I’ve heard it is a lot smaller than any of the above cameras.
With no size advantage, a much smaller sensor and a high price, I cannot see any reason to buy the Nikon 1 series. To me, this (and the Pentax Q) are $400 cameras. The $700 - $800 MSRP is far too high, when this gets you the much superior Sony NEX-5n.