All of that changed on September 21, 2011 with the announcement of the Nikon 1 system comprising and V1 mirrorless models that become available on October 20. The J1 is the entry-level camera while the V1 contains a few extra features such as electronic viewfinder (EVF), higher dot composition LCD monitor and an i-TTL sensor that can accommodate an optional external flash unit.
If one doesn't need the special features of the V3 any cam wins over the it , not only the LX100 .... Nothing is as capable as a Nikon 1 cam ... Not an LX100 , not an A6000 nor an XT1 ... they sure produce better IQ ... but they are not as capable ...
Compared to most interchangeable lens cameras, however, the Nikon 1 S1 is very small and portable; it’s not too dissimilar from the size of your average fixed-lens pocket compact. Without the compact 11 to 27.5mm lens or the longer 30 to 110mm zoom attached—both lens need to be extended manually and are ‘locked’ when retracted via a raised button—you can carry this camera around in our jeans pocket.
When it’s time for some aquatic action, the Nikon 1 AW1 offers several underwater controls. When in Underwater mode, users can choose from either three options (standard, scuba, close-up), which will automatically adjust the camera’s settings to deliver optimal results based on the type of activity that a user is participating in. Additionally, the Underwater White Balance setting makes adjusting white balance simple, while the Underwater Distortion Control corrects the effects of distortion caused by water.