Sony says the V3 is an update to the V1, but it is an entirely different camera.
I don't believe the V3 is in the hands of many people right now. So you will have to wait until they have a bigger distribution.
The V1 has been very popular. It is usually put in the same class as the Canon G5, Olympus 5060 and Nikon 5700. Its big advantage over those camera has been the lower price of the V1.
The V3 is likely to be 2 to 3 hundred dollars higher than the V1.
...
I currently have a Canon Powershot S-50. I am happy with it in general, but not real happy with the zoom. I was looking at the Sony V1 since I saw someone's pictures and the were awesome, and they told me that the V3 is due out soon. Just curious as I haven't seen too many reviews for the V3. Should I wait or go with the V1. Thanks.

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic