where there’s smoke there’s fire

The Nikon 1 AW1 has the same technical specifications as the Nikon 1 J3 with the exception of the newly added GPS functionality (different size and weight as well). Basically for $300 more than the J3 you are getting a waterproof camera and lens (no VR) kit with GPS capabilities and I think this is a pretty good deal considering that the WP-N2 underwater housing for the J3 costs between $530-$730 (you can go down up to 130ft/40m with the housing compared to 49ft/15m with the AW1). Here is the detailed AW1/J3 comparison:

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The Nikon 1 AW1 underwater mirrorless camera, 1 Nikkor AW 10mm f/2.8 and 11-27.5mm f/3.5-5.6 lenses are now officially announced. The AW1 is freezeproof (down to -10°C/14°F), shockproof (2m/6.6ft) and waterproof (15m/49ft) camera with a built-in GPS. Amazon currently lists two different kit prices on their website:

• Nikon 1 AW1 kit with 11-27.5mm f/3.5-5.6 lens for $796.95
• Nikon 1 AW1 kit with 11-27.5mm f/3.5-5.6 and 10mm f/2.8 lenses for $996.95

Nikon 1 AW1 features:

• The world’s first waterproof, shockproof digital camera with interchangeable lenses
 2. Functionality suited to outdoor use as well as an elegant design that attracts attention 3. A CMOS sensor, AF system, image-processing engine, and no optical low-pass filter for high-speed recording of high-resolution movies and still images
• The super high-speed AF CMOS Sensor for the world’s shortest shooting time lag
• The Advanced Hybrid AF System, which offers both superior speed and accuracy
• The new EXPEED 3A image-processing engine for faster image processing and even better image quality
• Action control for quick and simple operation
• A Control lock function that prevents accidental button operation
• Acquisition and display of various types of information for outdoor shooting
• Outdoor display for sharper and clearer viewing outdoors
• Underwater creative mode with 3 options
• Underwater white balance
• Underwater auto distortion control
• Built-in flash that supports i-TTL flash control and can be used underwater
• Slow View for recording the perfect moment
• Smart Photo Selector for certain capture of the best shot
• Motion Snapshot, Nikon’s exclusive form of imaging expression that combines a movie with a still image

1 Nikkor AW 10mm f/2.8 lens features:

• A lens for use exclusively with the Nikon1 AW1; it is the world’s first*1 interchangeable lens to be waterproof to 20 m (JIS/IEC Class 8 (IPX8) equivalent)*2 and shockproof to 2 m (MIL-STD-810F Method 516.5: Shock standard compliant)
• A wide-angle, 10mm (angle of view equivalent to 27mm in 35mm [135] format) fixed focal length lens offering the same optical performance as the 1 NIKKOR 10mm f/2.8
• Minimum focus distance of 0.20 m (on land) The same elegant design as the Nikon1 AW1 for a sense of integration
• Supports auto distortion control (underwater)

*1 Among lenses for digital cameras with interchangeable lenses available as of September 9, 2013. Statement based on Nikon research.
*2 When mounted on a waterproof camera.

1 Nikkor AW 11-27.5mm f/3.5-5.6 lens features:

• A lens for use exclusively with the Nikon1 AW1; it is the world’s first*1 interchangeable lens to be waterproof to 15 m (JIS/IEC Class 8 (IPX8) equivalent)*2 and shockproof to 2 m (MIL-STD-810F Method 516.5: Shock standard compliant)
• An 11-27.5mm (angle of view equivalent to 30-74mm in 35mm [135] format) normal zoom lens offering the same optical performance as the 1 NIKKOR 11-27.5mm f/3.5-5.6
• Support for a wide variety of scenes, from snapshots and landscapes to portraits
• The same elegant design and color options as the Nikon1 AW1 for a sense of integration
• Can be zoomed in and out underwater using the zoom ring
• Supports auto distortion control (underwater)

*1 Among lenses for digital cameras with interchangeable lenses available as of September 9, 2013. Statement based on Nikon research.
*2 When mounted on a waterproof camera.

Nikon filter AW 40.5 NC:

• This filter is for use exclusively with the Nikon1 AW1. When attached to a waterproof lens, it can be used in water to a maximum depth of 20 m. This filter can be used with the 1 NIKKOR AW 11-27.5mm f/3.5-5.6 and 1 NIKKOR AW 10mm f/2.8.
• When attached to a dedicated waterproof lens, this filter helps to prevent the lens from fogging up under water. Use of this filter is recommended when the camera and dedicated lens(es) are used at the beach or underwater.

Nikon SB-N10 underwater speedlight (scheduled for release in spring 2014):

• An underwater Speedlight for Nikon 1 cameras
• Can be used with all Nikon 1 waterproof cases and the Nikon 1 AW1

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I found another Nikon 1 AW1 reference online:

“Nikon 1 AW1 – the first waterproof compact camera with interchangeable lenses

Nikon today introduced the world’s first rugged, waterproof and shockproof compact system camera with interchangeable lenses. Compact on the market accompanied by two new waterproof, shockproof and freezeproof 1 Nikkor lenses AW. Stylish design innovations underscore offered three versions of the camera, the classic black, white and elegant silver.”

If you do a quick search at nikon.com for “Nikon AW1”, you will get several inactive pages which indicate that the new Nikon 1 AW1 will be an “advanced interchangeable lens camera“. At least two new lenses will be announced:

• 1 NIKKOR AW 10mm f/2.8
• 1 NIKKOR AW 11-27.5mm f/3.5-5.6