meh, the V1 and the s400 really shouldn't be in the same group. The V1 has much more features. The 1 mp you won't notice as much unless your printing some big prints. Most people looking for a compact camera rule out the V1 b/c of its size. The s400, olympus stylus 400, sony's p series, and the rest of the elphs kind are the most compact while being awsome cameras.
If your looking for compact, go with the s400 or olympus stylus 400. If you dont mind size, take a look at the new kodak, sony's s85(if you can find it

) The canon A80 or G series. The A80 and some of the older G series(2 & 3) can be had for quite a bit less than the V1, while matching up to its quality.
Personally, id go with either the s85 or the canon a80.