After trying the Nikon 1 V1 with the Nikkor 1 30-110mm VR and the Raynox M-150 I decided it was a keeper for bugs. So, I decided to try an experiment on closest focus with the Raynox 150 and 250 apochromat lenses. All I wanted to see was field of view at closest focus. It was a pretty simple experiment. I simply put the lenscap up on a desklamp and took the closest shot I could get with the lens at 110mm. The first shot here is just an overview to show you the size of the Nikon 1 40.5mm lenscap compared to a quarter. The next shot is the M-150 and the third the M-250. All are handheld and the images include the exif if anyone is interested.

As you can see, the M-250 gets you a lot closer.  This would be good for small detail on a watch or something but, would be really tough to find good focus on an insect in the wild.