It’s been a year since Nikon released its first generation of miniature mirror-less interchangeable lens cameras, and now one of the heaviest hitters in cameras is updating the range, announcing the Nikon 1 V2.

Considered by Nikon to be “the fastest Nikon 1 to date” which wouldn’t be hard given it’s the newest and third Nikon 1 product “to date”, the V2 moves beyond what the V1 was by changing the design of the body to slightly to look closer to a professional camera than a compact, and increasing the speed and megapixels.

Here in the V2, you’ll find Nikon has brought the 10 megapixel sensor in the V1 up to 14, increased the continuous shooting speed up to 15 frames per second with autofocus for 45 frames (3 seconds) or up to 60 frames per second in Full HD video, and added an internal flash, something the V1 lacked.

A new “slow view” will also offer photographers the ability to fire off 40 frames as quickly as possible, while the shutter is being half-pressed all the way to completely down, allowing you to select which of the high-speed shots you want to keep.

The announcement also comes with an added flash, and while you now get a built-in flash with the V2, the SB-N7 Speedlight is being announced as an external flash compatible with the V1 and V2.

This accessory joins the growing list of Nikon accessories for the Nikon 1 cameras, including the SB-N5 Speedlight, GP-N100 GPS, and F-Mount Adapter attachment that lets you use regular Nikon DSLR and SLR lenses on cameras in the Nikon 1 series or mirror-less interchangeables.

No word yet on pricing for either the V2 or SB-N7, though the camera is expected to hit stores in November, while the flash should arrive early in 2013.

Meanwhile, Nikon took the time to mention three new lenses it’s working on for the Nikon 1 series of cameras, including a 32mm f/1.2 aperture designed for low-light and portraits with background blur and bokeh (equivalent to 86.4mm in 35mm), a 6.7-13mm f/3.5-5.6 kit lens with Vibration Reduction (equivalent to 18-35mm), and a more compact 10-100mm lens with f/4-5.6 (equivalent to 27-270mm).

These have no prices or expected availability date, but we’re hoping it shouldn’t be too far out.