One of the advantages of these smaller format sensors is the increased DOF you get. This is a great advantage for all landscape photographers where depth of field is normally of critical importance. That is not to say that shallow DOF isn't possible with this system, it is.

The smaller sensor gives you a multiplication factor that you have to use to compare your lenses to the 35mm format (if you're inclined to do this sort of thing). This means, for instance, the Nikkor 1 30-110 f3.8-5.6 VR lens can be compared to an 80-300 lens on a full frame camera (approximately). For the younger photographers this might not mean much because they haven't used full frame cameras, but for people like myself, I like to convert these values to the full frame equivalent because then I know what to take with me when going out on a shoot. I still think in 35mm terms when it comes to lenses, so I suppose that just shows my age to all. In time and after using the system a lot more I won't have to do this because I will know what the different lenses will give me in terms of field of view.