Although the Nikon 1 J1 proved to be an incredibly popular compact system camera (which has since been replaced by the Nikon 1 J2 and joined by the Nikon 1 J3), its larger sibling, the Nikon 1 V1, was never as popular.
Perhaps seen as not serious enough for "advanced photographers", its high asking price put off the beginners who were busy investing in the Nikon 1 J1.
Now, however, Nikon has replaced the Nikon 1 V1 with the Nikon 1 V2, which promises to be an evolution of the existing camera and is what Nikon hopes will attract those lucrative more serious customers - the ones who are more likely to buy additional lenses and other accessories down the line.
The Nikon 1 V2 has a new 14.2 million pixel CX format (1-inch or 13.2 x 8.8mm) CMOS sensor. This is accompanied by a new processing engine dubbed Expeed 3A.
According to Nikon, this sensor and processor combination has enabled it to push the sensitivity range of the Nikon 1 V2 a stop higher than before, extending it from ISO 160 to ISO 6400 instead of ISO 100-3200, which should prove useful in low light.
Low light capability has been further extended by the addition of a pop-up flash unit, as well as a hotshoe, compatible with the new Speedlight SB-N7 and existing SB-N5 flashguns. Previously, the Nikon 1 V1 only had a hotshoe, while the J1 and J2 had a pop-up flash and no hotshoe.
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It's also an accessory port, and can accept devices such as the GP-N100 GPS unit for tagging images with location data as they are captured.
One of the most interesting features of the Nikon 1 V2 is its continuous shooting ability. Thanks to that Expeed 3A engine, Nikon promises that the camera is capable of producing up to 45 full-resolution images at up to 15fps in continuous autofocus mode and for 40 images at 60fps when the focus mode is set to a single AF and the focus point and exposure are fixed from the first frame onwards. This makes it a great camera for capturing brief bursts of action.
Lots of its specs are very similar to its predecessor's. It features the same 3-inch 921,000 dot LCD and 0.47-inch 1,440,00-dot electronic viewfinder (EVF) for composing and reviewing images.
The EVF is a key distinguishing feature between this camera and the Nikon 1 J1 and Nikon 1 J2, and should appeal to more serious users, as well as making it easier to use in bright sunlight.
The same hybrid AF system can also be found on the camera, with it switching between using the 73 phase-detection points and the 135 contrast detection points as it deems necessary.
The Nikon 1 V2 is priced at £799.99/US$899.95 with one 10-30mm kit lens included, or £969.99/US$1,149.95 with both 10-30mm and 30-110mm lenses.