The R1 was introduced in Sept of 2005.
At that time it was selling for $999.

The R1 is an interesting camera.
It is equal to a DSLR (digital single lens reflex) camera, except you can not swap out the lens.

Since the R1 uses a CMOS sensor that is just about the same size as a DSLR sensor, you should get excellent low light capability.
ISO settings up to 3200.

The R1 does not have image stabilization, but with a 5X optical zoom lens, you really don't need image stabilization.

Here is a link that compares the R1 to the H5 and I added the A100 DSLR just for comparison.

Notice the red stars in each column.
That represents the rating that owners give the cameras.
Click the link directly under the red stars and you can read what owners think of the camera.

If you can find an R1 for around $500, it will be an excellent buy.
But if they want $999 for the R1, I would look at the Sony A100.

Of yes, the R1 does not do video, if that is important to you.