If you followed the launch of Nikon's J2 interchangeable-lens compact recently, then waking up to today's announcement of a higher-specced V2 probably won't come as a huge surprise. Nevertheless, whereas the J2 was frustratingly incremental compared to the J1, the V2 will likely represent a more significant upgrade when it lands on shelves at the end of November. For a start, the magnesium alloy camera has been bestowed with a sizable grip, which makes a vast difference to its ergonomics -- it feels much more secure and manageable in the hand, without hurting the small and lightweight appeal of this form factor. Nikon has found room for a pop-up flash too, which is certainly nice to have. The mode dial has moved to the top of the camera and now includes the four main shooting modes (P/S/A/M) -- a change which, in one fell swoop, helps the entire remainder of the control system to become more intuitive and accessible. A new processing engine allows the camera to shoot 15 fps with continuous focus (versus 10 fps with the V1), with Nikon claiming that AF speed has been improved as well. And as for the bad news? It's waiting for you after the break.