Mighty Nikon Joins Mirrorless Revolution, tOP article.
I haven't even had time to read the article yet, but I am sure that One: this camera is interesting, and Two: Mike will give it a good intro like he always does.
We've been waiting for years for Nikon or Canon to finally make a camera system like the one which has been so successful for others: a compact camera without mirror, but with exchangeable lenses. Now Nikon has it. Here is Nikon's page about it.
How about that moniker, huh? "Nikon 1". I feel they want to make us think this is a big development.
Update: Aw, durnit, it's not a big development! They've made the damn thing with a sensor which is smaller than the M4/3 sensor! And I agree with Mike that M4/3's sensor size is pretty perfect for a compact system camera, a good compromise. Any smaller just doesn't deliver real professional results, at least not at this point in time (well, depending). And the introductory lenses seem pedestrian. It's clearly a snapshooter camera rather than an enthusiast camera.