I've recently posted a couple of shots in the "Gallery" thread using an 80ED with a Nikon V1 (yes, I moved on from the Pen E-P2), and have been asked for a comparison between the V1 and a crop DSLR. Not wanting to clutter up that thread which is really supposed to be for photos, as Cango gently reminded us
, I'll try to answer here.
The V1 has a 2.7 crop factor compared with a FF camera, or about 1.8 compared with an APS-C sensor (and 1.35 compared with an m43 sensor). Obviously the smaller sensor carries penalties in terms of noise and dynamic range. I was surprised that for bird photography in decent light, these penalties are not too serious. Nikon has done a very good job of optimizing the sensor. The advantage is, of course, an big increase in range with no increase in f-stop, unlike using a TC or telenegative. The smaller pixels will however reveal any shortcomings in the lens - but since astro telescope optics are very good, this is not really a problem for us. I'm very happy with the results when scaled to 1200 - 2000 pixels for the screen. I haven't tried any prints, but I'd guess up to 13x9 inches would be possible.
Noise levels are very good at ISO 200 - 400, acceptable at 800, and become objectionable at 1600 (IMHO). About 1 or maybe 2 stops less than the D90, but you get at least some of that back by the lower f-number (i.e., no TC or telenegative). Annoyingly, Nikon hasn't given us half or 1/3 stop steps in ISO.
The V1 also scores well on ease of use. The EVF is very good, and Nikon has kindly provided a big and very accurate "in focus" dot on the screen. Manual focusing is very much easier than with the D90. I haven't found myself missing focus much. The ability to use the electronic shutter also is good because it reduces noise and vibration.
Ergonomically, the camera is easy and intuitive (at least to a Nikon owner). Direct controls (buttons and dials) are more limited than on a DSLR, but the menu system is simple and clear.
Overall, I'm still in the honeymoon phase, but I do think this camera is dynamite for birders - especially (though not relevant to this forum) because of its ability to use Nikon AF-S lenses with almost full functionality using the FT-1 adapter.