While I was on photo safari, Nikon quietly released a round of updates for the Nikon 1 bodies and FT-1 F-mount adapter. By upgrading both camera and FT-1 firmware, you can now use continuous servo focus (AF-C) with F-mount Nikkor lenses on your Nikon 1 body. You are still limited to the center AF-point with the FT-1, but this is a big improvement in usability. For example, put a 70-300mm AFS VR Nikkor on the FT-1 and you have an effective 189-810mm VR lens! Perfect for casual telephoto work where you want lots of reach!
Important Note: If you have the Nikon 1 V2, make sure you update its firmware to version 1.10A/B before you attempt to update the FT-1 firmware. Otherwise, the FT-1 will not be properly updated.