The news is out! Nikon indeed came with a big announcement at midnight yesterday, and it is indeed a whole new system.

The 1-Nikon system has been announced and is initially available in two bodies – the cheaper J1 and the premium V1. Highlight features include:

• 2.7 crop factor called “Nikon CX” (a 10mm lens is equivalent to 27mm in traditional full-frame/film)
• Very fast shooting rates – up to 60 fps full-resolution photographs
• Advanced video capability
• Lots of accessories, already including 4 lenses, speedlight flash, GPS, external microphone and F-mount adapter.

To give you a sense of scale, this is the new V1 in hand:

The new Nikon V1 with (obviously) no lens attached and the sensor visible