I have a Nikon V1 along with a Nikon D7100 DSLR. The V1 is my backup camera.
The Nikon 1 cameras are actually good cameras, and even with a smaller sensor, they are rated in DxOMark about in the middle of the M4/3 cameras. And they autofocus a lot faster than M4/3 and compact cameras as they use a hybrid contrast/phase detect (DSLRs use phase detect, but virtually all M4/3 and compact cameras use the slower contrast detect).
And the Nikon 1s have a very low shutter delay - faster than even most entry level DSLRs. The most ardent critics of the Nikon 1 cameras are those that have not even used one - it's just biased opinion without having the facts.
The MSRP price is way too high though on the Nikon 1s. I'd only buy one if I could get them for the discount you mentioned. I would not recommend them at the MSRP.
The V1 comes in handy when I want to take photos but not lug my DSLR. I take both on cruises - or I will as I just bought the D7100 (replacing my D90 which has been on 7~8 cruises).
The Nikon 1 is a good compromise between a DSLR and compact camera. There are those that do not like the Nikon 1s, but I like them. But I would be the first one to say they are overpriced at retail. I bought my V1 on discount last Dec for $299.
But you can buy J1 and V1 now refurbished here:
Refurbished V1:
http://www.cameta.com/Nikon-1-V1-Digital-Camera-Body-with-10-30mm-VR-Lens-Black-Factory-Refurbished-69688.cfm
Refurbished J1:
http://www.cameta.com/Nikon-1-J1-Digital-Camera-Body-with-10-30mm-VR-Lens-Silver-Factory-Refurbished-72221.cfm
One thing to consider with a Nikon 1 (either J or V). You can buy the optional FT-1 adapter and you can use your DSLR lenses (you may need to upgrade the firmware though - which is easy).
There may be some limitations though; for instance you have to use spot focus. But with the 2.7x crop factor, my Nikon AF-S 70-300mm f/4.5~5.6 becomes a focal length equivalent to a whopping 189~810mm lens, with no loss in aperture (can't say that for a teleconverter).
Here is a webpage comparing photos taken with a Nikon V1 using the 10mm pancake lens, 10-30mm lens, the 30-100mm lens, and the 70-300mm lens using both the FT-1 adapter and with the 70-300mm on a DSLR.
http://www.althephoto.com/lenses/v1-lens.php
And here is a review on the V1 itself. Other than a few goodies like an electronic viewfinder, the image quality of the J1 should match the V1 as they use the same sensor:
http://www.althephoto.com/cameras/v1.php
So my take is if you want a second camera, and especially one that can share your DSLR lenses, the Nikon 1 series should be considered - if you can get them for a decent price.