When you add an F-mount adapter to V1 and you mount any DX lens on it, you "defeat the purpose" just as well, size-wise. On the other hand, the picture above could have been made with any good point'nshoot as well (Olympus XZ1/2, any Canon G series etc.) so it also defeats the purpose of having an additional, yet smaller interchangeable camera with you... On another note: recently I had the opportunity to use a Canon G15 for a while (borrowed from the friend of mine) and I was astonished with how this little beast performs under low light, and how versatile it is... I bet it beats the V1 in terms of level of noise at high ISO (higher than 3200)....
This shot had been taken at ISO 6400, handheld, Canon G15, JPG straight out of camera, noise reduction set to "low":
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Don't get me wrong: I am VERY fond of Nikon cameras and would not change their DSLR line for any other brand. But I am not blind either... The CX thingy is the greatest blunder made by Nikon, I'm afraid. The second one in line being P7000/7100 - the clumsy attempt to copy Canon's "G" series...