I only wrote yesterday (on the Google+ comments to my J1 review) that I expected that we would have a firmware update in order to make the FT1 lens mount adapter work with the Nikon 1 cameras and today, that's exactly what Nikon announced. Firmware version 1.10 provides support for the FT1 adapter and a new pixel mapping feature:
Along with the firmware updates, Nikon released documentation on how the FT1 works. There were a few surprises. First, AF-S lenses require that the camera be set to Single Servo autofocus (AF-S) and the only focus mode available is Single-point. This means that using F-mount lenses for sports, birds in flight, and other subjects where tracking focus might be important is going to be less useful than originally thought. Likewise, if you pick continuous shooting, focus is frozen at the position of the first shot in each burst. That's a pity, and makes the Nikon1+FT1 combination a lot less desirable.
On the flip side, apparently there is focus confirmation available via the DSLR-style "rangefinder" indicators (>, <, and o). These appear about at position #12 on the LCD (AF-area mode indicator), and tell you the status of focus at the central acquisition point (the only one used with the adapter).
Other new news is that Smart Photo Selector can't be used with the FT1, and Motion Snapshots require an AF-S lens to work. And here's an oddity: the tops and bottoms of circular out of focus areas with lenses at wide apertures (f/1.4) may be cut off.
Buttons on lenses that don't work: Focus Lock, Memory Recall, AF Start.