Although I don't wish to defend Nikon's business strategy or pricing model (which are baffling to be diplomatic), I will offer that the Nikon 1 series cameras are great tools for particular uses. They fill some narrow niches and should be considered as part of a multi-camera kit. I happened to choose the J3 model a year ago even though I have a strong preference for a good ol' viewfinder. When situations need fast and accurate focus, the autofocus performance alone of the J3 makes the camera worthwhile. The 30-110mm lens is a gem and gets used almost exclusively. After you get accustomed to it, turning the camera on by twisting the lens and having it ready for use with no internal lag has been allowed greater responsiveness to surprise photo-ops than any other camera I've used. The image quality is much better than I expected. For discrete "street" photography, I've used a Sony RX100 in one pocket and the J3 with the 30-110 in another, and prints from each are comparable in apparent "quality" -- however you may wish to define that term. The J3 with long zoom has also been the lightweight tele option paired with a D800e or a Sigma DP2 Merrill. While the later cameras produce far better prints, having the J3 along allowed capture of some images that just would not have happened with the main camera.
Anyhow, I'm looking forward to the V3 as an even more responsive tool for a small portion of my photography, and will work around its particular limits like all other cameras. Now, if only the initial (as BJL just wrote: sucker) price wasn't so steep ...
Regards, Rick