It was, but it doesn't offer a big size advantage over something like OM-D and I don't want redundant cameras. And in that range I would probably prefer a Nikon P7100 (more zoom, more versatile).
J1 is not that small either (an not as cheap as it should be) but has 2 advantages: anybody could theoretically take good pictures without fiddling with the settings and allows me not to carry a dedicated videocam too often. V1 looks nicer but it gets a little too big, too expensive and I have to carry a flash.
S100's main advantage is size. I have a S90 but a pretty large spec of dust got into the lens and I cannot take it out. I tried disassembling it but after 30+ screws I decided it won't happen. I'm surprised it's still working after I put it back. Pictures were good and I was mostly happy with it, but that spec shouldn't have entered that easily.
Probably I need 4-5 cameras to do what I want in 3

1. Small compact, good quality, take anywhere - Canon S100
1b. a compromise to the above - a pocket superzoom
2. Portable, take in the bag or coat camera with good image quality - Nikon J1/V1 (good for video also)
3. Portable, very good quality for light travel/light hiking, weatherproofing a plus - Olympus OM-D (alt: Panasonic G3 or GX1), ? Nex 5N/7
4. Excellent quality, mostly for dedicated photo trips or when size/weight is less of an issue: Nikon DX format (which I have) vs upgrading to full frame. Quality wise probably makes less sense these days unless you want to print very big (D800), more for better lenses and theoretically more creative control
Anybody needs as many or more?