Tomorrow, Nikon will launch its FT1 adapter, a device that will let you put any Nikon lens onto the front of the tiny Nikon 1 cameras. A nice touch is that full automation will be preserved with certain lenses. S-series glass, with internal focus motors, will even be able to auto-focus on the little cameras.
But the very existence of this accessory shows how absurd the Nikon 1 cameras are. While it is possible and even desirable to use SLR lenses on Micro Four Thirds cameras, thanks to a manageable crop-factor of 2x, the teeny sensors on Nikon's cameras give a crop factor of 2.7x. Thus, your wide-angle 35mm lens becomes a 95mm telephoto, and your sweet 85mm ƒ1.8 becomes a 230mm ƒ1.8. I guess it is at least a cheap way to get long, fast glass. Good luck focussing wide open, though.
The launch will initially be in Japan, where it will cost ¥19,814, or around $255.
FT1-mount adapter product page [Nikon]