It has the worst designed camera logo I've seen in a long time, especially the separate "1".
Besides, sensor smaller than 4/3!? And it is not just about image quality, assuming that Nikon miraculously managed to get better quality than from larger sensors, it is also about greater depth of field (i.e., conversely, the lack of shallow dof). I see it more as a competitor to p&s, than a "serious" camera.
Oh, and speaking of design... especially V1, and especially the viewfinder part (as seen from the front), has all the beauty and elegance of, say, Soviet industrial design. Lomo, anyone?