Nikon has announced a new camera system that is called the “Nikon 1” system and includes J1 and the V1. There is also a new family of lenses and accessories for the cameras. Nikon claims that the new camera system was built from the ground up to allow the user to provide amazing image quality, speed, and portability.

The Nikon 1 J1 is an advanced camera with interchangeable lenses, and can of course capture HD movies as well. The design of the J1 is made to be pocketable for easy portability and the camera has a fast new hybrid autofocus system. Nikon says that the J1 can capture a photo instantly with the touch of the shutter button while recording 1080p video at the same time using a new motion snapshot feature. The J1 uses a new range of lenses called the 1 NIKKOR lens system that use precision optics for high quality images.

“The needs of the consumer are changing and the world is becoming one of visual conversation, which paves the way for the next chapter in image capture devices. The new Nikon 1 system is the culmination of more than 75 years of optical excellence and relentless pursuit to the unrivaled technological advancements in camera technology,” said Bo Kajiwara, Director of Marketing, Nikon Inc. “Nikon’s new 1 J1 camera allows consumers to have confidence in a new way to express themselves, with amazing speed, versatility, ease of use and portability.”

The J1 comes in several colors and has a new CX-format 10.1-megapixel high-speed AF CMOS sensor. It also has a native ISO range of 100-3200 with 6400 Hi-1 setting. The new camera also uses the EXPEED 3 image processing engine with dual-cores. The processor also works to maximize the battery life. The auto focus system in the camera is a 73-point system that evaluates the scene continuously to get the best quality possible. The J1 can also shoot at ten frames per second with full adaptive AF. If speed is more important, the camera can also hit 60 frames per second with AF locked.

The camera also has a motion snapshot setting and lots of other settings and controls. There are a number of fashion accessories available for the camera with cases and leather neck and hand straps that are color coordinated. The HD video can be captured in 1080p 30fps and in 1080i with 60fps speeds. The highest speed will is 1200fps for slow motion effects at less than HD resolutions. A single HD movie can be recorded for 29 minutes.

The V1 is also an interchangeable lens camera that is hailed as the smallest in the world with interchangeable lenses. It has a 1.4 million dot electronic viewfinder and a mechanical shutter in addition to the electronic shutter. It also has a multi-accessory port for attaching things like a Speedlight.

The J1 and V1 will both launch in October with the J1 at $649.95 with a 10-30mm lens and the V1 will cost $899.95 with the same 10-30mm lens.