#1. "RE: Nikon FT1 Adapter for Nikon 1 Series" In response to Reply # 0
Bay Area, US
1. I don't know but I would be very surprised if it would not support VR. Any DSLR or TC that Nikon has brought out in recent years support VR, so does the V1/J1 with it's lenses. It would be odd if VR wouldn't work with the adapter. But maybe somebody has the details.
2. Technically the focal length of a lens does not change, but indeed the field of view of this lens on the V1/J1 will be equivalent to a 149-540mm lens on an FX or 35mm film camera. I'm really looking forward to this, in particular having a very compact 135mm f/1.8 equivalent portrait lens (with my 50/1.8G) and an 810mm f/4 equivalent wildlife lens (with my 300/4). But it remains to be seen how well these lenses will actually perform with such high pixel density as the V1/J1 have.
#2. "RE: Nikon FT1 Adapter for Nikon 1 Series" In response to Reply # 1
Monterey Bay, US
From what I've seen, the FT-1 adapter is bigger and heavier than most of the N1 lens. The next best thing after F-mount lens compatibility is the TriPod mount. This could work out real well for balancing short heavy zooms like the 17-35 and 14-24.
It was rumored to be ready for purchase sometime in November and then December 1st, but it not available on the Nikon site.
Also rumored is that it is produced in that underwater Thailand Plant, thus the delay.
Also rumored is that your DX lens will not work properly, but I do not see why not. They are smaller, lighter, and cheaper than the FX lens. I am looking forward to trying my 35mm f/1.8 but really need a 20mm prime for taking movies in low light.
While at it I should also mention that there are 7 CX lens rumored to be released relatively soon: 14mm f/2.8 18mm f/1.4 32mm f/1.2 40mm f/2.8 Micro 60mm f/3.5 Micro 7-13mm f/3.5-5.6 9-43mm f/2.8-5.6