I would be clicking the pictures of Office Spaces and some street photography

Yes the v1 has a small sensor ...but this camera is amazing at capturing the picture...fast focus...and silent shutter makes it great for street photography and the lenses are really nice...I shoot street as well and the 10mm 2.8 works really nicely and I have the 18.5 1.8...to shoot street I set it a t f 2.2 as 1.8 is kind of soft...and as for the NEX...I had the NEX6 and sent it back...images tended to be soft especially with the kit lens and the 50 mm 1.8 and auto focus was a lot slower...they tried to implement the V1 system with phase detection and Contrast focus...but it does not match the speed of the V1 and the accuracy...and right now you can get the V1 with kit lens for about 370 dollars...The nex makes nice images great colors but for me it is too slow for street...My main complaint against Nex is the lenses are average to poor...and as far as the Zeiss lens it is nice...but it does have some flaws...for a thousand dollars it should have no flaws...I really want to like the NEX   and will probably end up getting one...once they fix the auto focus and get nicer affordable lenses...Probably one of the nicest lenses for the nex is the Sigma 30 mm

The Nikon 1 V1 does infact seems like a great all-rounder, however, for the small but importanr fact that the Sony NEX-5 takes slightly crispier and better quality images for less money is surely the way to go. Also, it's completely understandable you'll want to switch lenses and that but I don't understand why you'd go for a compact camera if you're also going to have to buy a seperate flash, as the V1 lacks it.

Hope you end up making the right decision, good luck!

Jay

while considering any camera type - sensor size should be the 1st element and comparison should be between the camera bodies of similar sensor sizes - nikon v1 and j1 are sensors slightly bigger than p&s and do not stand near the power of an apsc sensor which is around 4 times bigger  in size- also new mirrorless systems are quite costly with limited accessories -