Donald, you bring up a very good point. Thank you, I couldn't have said it better. Concentrating on the negative will only magnify the existing bad traits and minimize the good traits in the product. People really should start to look at things from a different viewpoint than what suits THEIR needs only.
In reality though, the Nikon 1 system really dosen't need much talking up. Yes, there are a few points that all the naysayers keep repeating over and over again but very few are talking about the good stuff (and there is a LOT).
This is sort of unfortunate because even though this website is about everything Nikon, when it comes to anything that's less than a DSLR (sometimes even less than D300), a lot of the visitors here suddenly become anti-Nikon and for not much good reason either.
Anyhow, here is a list of pros and cons of the Nikon 1 system (all specs below can be found either on Nikon's website or dpreview):
10.1 MP (we all know it's better than 16)
Dual Expeed 3 processor
Smallest and lightest mirrorless camera with built-in EVF
135 AF points (73 phase detect) in single-point AF mode
41 AF points in auto-area AF mode
Nikon claims to be fastest AF system (couldn't find specs to back up)
10 fps stills shooting w/AF tracking
60 fps w/o AF tracking
1/16000 max shutter speed (makes my D7000 cry)
Super silent electronic shutter
Smart photo selector feature (take 20 images @ 30 fps and camera will choose best 5)
1-mount lenses are Nikkor branded (same quality as DX/FX lenses)
2.7x crop factor + F to 1 converter = teleconverter for all your f-mount lenses
Stylish minimalist design
Best choice of colors on any camera system so far (except red :p)
Scene auto selector (auto-scene just became more auto)
Manual mode and semi-auto modes (S, P)
Image quality: RAW, JPEG, RAW + JPEG modes
Compatible with ML-L3 (V1 front/back, J1 front only)
Vibrating dust reduction (V1)
Optical dust reduction (J1)
3:2 stills aspect ratio
16:9 movie aspect ratio
HD recording up to 20 mins at a time
60 fps @ 1080i
400 fps @ 640 x 424
1200 fps @ 320 x 120
AF during video
400 stills or 120 mins HD @ 1080/60i battery life (V1)
EN-EL15 battery (V1 only - same as D7000)
230 stills of 70 mins HD @ 1080/60i battery life (J1)
System bigger than was expected
Sensor smaller than m4/3
DoF most likely not as good as m4/3
Possibly more noise
ISO 100-3200 (Hi 6400)
No control dials
Slow glass (so far)
High price relative to other camera systems
These are about the only cons I can see. All the color argument isn't valid because you can simply opt for the non-flashy black one (and just because some people can't handle pink doesn't make it a bad color). Among the list of expected future lenses are a super telephoto zoom, a pocketable standard zoom, a landscape wide angle zoom and a micro lens. Nikon also plans to release a projector, an underwater housing and video recording kit .
It's also worth noting that there were also other lens patents that were filed some long time ago and that we haven't seen at the launch. Among those lens patents are 18mm f/1.4, 32mm f/1.2, 7-13mm, 40mm f/2.8 macro and 60mm f/3.8 macro.
EDIT: If anyone comes up with any other VALID pros or cons, I will go ahead and add them to the list.
EDIT1: Added EN-EL15 as a pro, rearranged some of the pros on the list, grammatical corrections.