Nikon's mirrorless camera lineup may not have been the most impressive devices to cross our desks, but the 1 series has sold like crazy. Nikon's still betting on the formula, and two months after releasing the J2 the company's announced today the new 1 V2. The V2 is the higher-end of the 1 cameras, intended for what reps called "a more deliberate photographer." It's designed for buyers who already own a DSLR and want something more portable, or for those who want great pictures but don't want to deal with the heft or complexity. The V2's body may be small, but its specs sound mostly like a DSLR, and a good one at that: it has a new Expeed 3A processor, hybrid autofocus, ISO range up to ISO 6400, simultaneous still and video capture, and its 14.2-megapixel sensor can capture up to 15 frames per second with continuous autofocus. It also has a 1.4-million-dot EVF with 100-percent frame coverage, in addition to its rear LCD.

The Expeed 3A processor is the key feature in the V2, and it facilitates all manner of new features and performance bumps. The V2's Slow View mode captures 40 frames in a second or so, and plays them back in ultra-slow motion — you snap the shot you want at the exact moment (it'll loop until you get it), and the camera saves only that file. In an effort to help you learn to use your camera, a new Live Image Control feature automatically adjusts your view as you tweak settings — dimmer for exposure, defocused for aperture, and the like.

Nikon's still betting on the 'small camera, small sensor' combination

The most immediately obvious downside is its sensor size — the CX-format sensor is far smaller than the APS-C silicon found in products from Canon and others that match the V2's $799.95 price. Nikon didn't include a larger sensor, we're told, because larger sensors require larger lenses and larger lenses kind of defeat the purpose of a small camera body. That's all true, but we're not sure it's a compromise worth making for a serious photographer.

The V2 will be on sale at the end of November, and as mentioned, you can buy the body only for $799.95. The camera is compatible with Nikon's DSLR lineup of Nikkor lenses via an adapter, but there's also a kit that comes with a 10-30mm lens for $899.95. The new camera was announced alongside a new compatible speedlite, and a new 70-200mm f/4 lens for DSLR users — the lens is only seven inches long, and only weighs a pound and a half. It's also $1,399.95, so start saving now before the lens is available on November 29th.