No, it's doesn't make sense to have another alternative with the same sensor dimensions. If you want m43 simply buy a Panasonic or Olympus. It's better companies try to offer different choices.
Choice just for the sake of it, makes no sense at all. It has to be profitable, with a product infrastructure and worth doing from a market positioning point of view or it's simply something that will wither and die over time.
Looks like m4/3 you can choose a mix of vendors for bodies and lenses, just as you can with SLR ... not so much with Nikon 1 and there are no new 3rd parties at Photokina (or are they all invisible?) and with that alone the range seems to not make much sense to me at all except as a fashion statement... Now, biased as this may sound, but outside of Asian school girls in bright pink "Hello Kitty" outfits, has the "1" line of cameras made substantial inroads into any other particular marketplace?
The message I get from the coverage of Photokina this time is that unless you are m4/3 or SLR, you are dead.
You know, a good Nikon m4/3 body and set of lenses would whip the backsides of much of what is out there already. Unfortunately, the likes of Zeiss are entering the marketplace now, so Nikon seem to have missed that particular 'quality' segment of the m4/3 market, unless they do something pretty darn fast...
Perhaps I may be wrong, but I also wonder just how many "1" units are sold each month in the USA and the EU? I just don't see them on the streets at all and I live in a tourist town too... The Nikon 1 range does not feature AT ALL in the amazon top 100 listings for all cameras and the highest entry only appears in the lower 50 if you filter it down to be just the "Digital SLRs" (but they are not a reflex camera - oh well) category.
Not so good for the Nikon 1 ...