From the Nikon press release...
Nikon Corporation is pleased to announce the release of the Nikon 1 AW1, advanced camera with interchangeable lenses. The Nikon 1 system proposes new forms of imaging expression, and the Nikon 1 AW1 is the world's first digital camera with interchangeable lenses that is waterproof to 15 m (JIS/IEC Class 8 (IPX8) equivalent) and can withstand the shock of a fall from up to 2 m (MIL-STD-810F Method 516.5: Shock standard compliant).
The Nikon 1 AW1 is the perfect compact size for taking everywhere, with the same concept as all Nikon 1 cameras are based, and supports the world's fastest*1 high-speed continuous shooting rate of approximately 15 fps with AF tracking and high-speed continuous shooting of full-resolution images at approximately 60 fps when focus is locked. It is also waterproof to 15 m and can withstand the shock of a fall from a height of up to 2 m. It has a stylish and elegant design that is perfect for everyday use around town, and just as with other Nikon 1 cameras, it supports a variety of 1 NIKKOR lenses as well as F-mount NIKKOR lenses (Mount Adapter FT1 required). When used with the dedicated 1 NIKKOR AW 10mm f/2.8 and 1 NIKKOR AW 11-27.5mm f/3.5-5.6 lenses—the world's first waterproof and shockproof lenses to be released at the same time as the Nikon 1 AW1—the places and situations in which photography is possible are expanded to include more outdoor scenes, such as in the mountains and at the beach.
The Nikon 1 AW1 is equipped with an action control function that enables quick and easy operation such as switching between menu screens, and a Control lock function that prevents accidental operation when wearing gloves, as well as built-in electronic compass, altimeter, depth gauge, virtual horizon display, and location data functions that can be used to create logs tracking depth or position. It also offers a number of unique functions that make outdoor shooting easier, including an Outdoor display option that makes the display easier to read outdoors or wherever ambient lighting is bright. A new Underwater creative mode that makes it easy for anyone to enjoy underwater photography has been added. Users can choose from three underwater options: Standard, Scuba, and Close up. What's more, colors can be viewed and adjusted using the live view display to achieve desired colors. A number of functions convenient for underwater photography have also been added, including Underwater options for white balance and auto distortion control.
More info and specifications at Nikon 1 AW1