Nikon J1 Compact System camera

[farbbm]

We've been looking to update our point and shoot camera for a while now and it's got to the point where I really need to start capturing some photos and video of our 18 week old daughter before time passes me by. I've come across the Nikon J1 Compact system Camera which seems to fit with what I'm looking for in a camera but just wondered if any one has one or advice about getting one or any other cameras we should look at?