Nikon has unveiled a new camera system that it says has the world's fastest autofocus. The Nikon 1 interchangeable lens camera system uses a 1-inch CMOS sensor and boasts similar flexibility in accessories as Micro Four Thirds cameras.

The Nikon 1 system uses what Nikon calls a CX-format CMOS sensor with a 2.7x crop factor. That means it's smaller than the sensors found on Micro Four Thirds cameras and much smaller than sensors on digital SLRs and Sony's Alpha NEX cameras, but much larger than the sensors on compact cameras. Larger sensors generally offer better picture quality and lower noise, but are more expensive and produce bulkier cameras.

Nikon is promoting the speed of the Nikon 1 system as the biggest draw for the cameras. They use an autofocus system with 73 focus points and, according to Nikon, are the world's fastest autofocus cameras. Nikon claims Nikon 1 system cameras can shoot at 10 frames per second with autofocus, or 60 frames per second with locked focus at full resolution. The system will also support 1080p video, and can capture full resolution photos while recording video.

Since Nikon 1 system cameras are much smaller than Nikon DSLRs, the new cameras will use new 1 Nikkor lens system lenses. Nikon has already announced 27-81mm f/3.5-5.6, 81-297 f/3.8-5.6, 27-270mm f/4.5-5.6, and 27mm f/2.8 (35mm equivalent) 1 Nikkor lenses, and Nikon will later release the FT-1 F-mount adapter for DSLR Nikkor lenses.

Two 10-megapixel cameras will use the Nikon 1 system: the Nikon J1 and V1. The J1 is a consumer-focused camera with a 3-inch LCD and a variety of available body and lens colors. The V1 is an enthusiast-focused camera wit a 1.4-million-dot electronic viewfinder and a magnesium alloy body. They will be available for respective suggested retail prices of $649.95 and $899.95 on October 20.

We've got the Nikon J1 on-hand. Keep an eye for our hands-on story with plenty of pictures later today.