Reviews seem really weak on Amazon.
Seems far better off to have a 2 camera solution that each have better reviews and are cheaper.
As I've said multiple times on DDF, The Nikon 1 system is one of the most underrated systems out there. People love to complain about certain things (and they are often right), but at the end of the day these cameras do things that cannot be done by some far more expensive cameras. I'll generalize here, but dollar for dollar, the 1 cannot be beat.
Now about the flooding reports on the AW1 - underwater equipment floods all the time. Not many consumer-level products are built like subs. O-rings get brittle, dirt gets caught in the deals, The camera drops and develops a hairline crack. Heck, I've had two of my own GoPros flood.