Nikon 1 V1 and the 1 Nikkor 18.5mm f/1.8

On the little 1" sensor (or, as Nikon called it, "CX format") of the V1, the 1 Nikkor 18.5mm f/1.8 is the equivalent of the Nifty Fifty. 

The f/1.8 aperture is nice and bright, but while the aperture doesn't scale in terms of brightness, it does in regard to depth of field. When it comes to blowing out the background, even wide open the maximum aperture is equivalent to f/4.86 on a full frame camera.

That's not necessarily a bad thing, though! Check out this wide open shot of some cameras on a bookshelf. On a full-frame body it would have had a depth of field about as thick as a sheet of paper, whereas here all the titles are legible.