The Nikon 1 series showcases two new models, the J1 and V1. The series is "built from the ground up to empower users with new ways to tell stories through photography, driven by imaginative next-generation technology." According to the press release.

Both cameras feature 1 Nikkor lenses with 4 models to choose from and with other features such as "Smart Photo Selector" which shoots multiple shots in a single button press, choosing the best shot automatically, the fastest auto-focus according to them and full HD video recording. The series also comes with "Motion Snapshot" mode which takes a series of still images and transition them like slow-motion movements with an added soundtrack for a dramatic presentation.

That is where the similarity ends.

The J1 is a souped up point and shoot digital camera. It has a bigger CMOS sensor and fast auto-focus. While the V1 has enough features to be considered the better big brother of J1. It has an electronic viewfinder which sends images from the lens instead of a little window at the top like other digital cameras. You will notice that additional accessories are available for it like stereo microphones, speedlights, power accessories, remotes and even a GPS. It more resembles a full-fledged SLRs than a point-and-shoot cameras.

With these two cameras, Nikon is set to break into the hybrid camera market competing with Panasonic, Olympus and Sony. Though the CMOS sensor will be a tad smaller than Panasonic and Olympus' Micro Four Thirds format.

While not as impressive in terms of sensors against its competition, Nikon is well known for their lenses. Without Canon joining the competition Nikon might just have a fighting chance. This can also be considered as Nikon's first serious attempt at point-and-shoots.

The Nikon 1 series is one of the best around as first cameras for amateurs learning about photography and budding low budget filmmakers with its first motorized 10-100mm zoom (f4/5-5.6) lens. It offers "smooth and silent changes in focal length while recording movies," according to the company's press release.

The J1 is priced at $650 and the V1 at $900. There are still no announcement on Australian prices.