Nikon 1 V1 Reference Manual page 144

Metering
Choose how the camera sets exposure. Regardless of the option
selected, metering is automatically adjusted to suit the scene
when h Scene auto selector is selected for Exposure mode.
L Matrix
Center-
M
weighted
N Spot
i
124
The camera meters a wide area of the frame and adjusts for
contrast (tone distribution), color, composition, and subject
distance, producing natural results in most situations.
The camera meters the entire frame but assigns the greatest
weight to the center area. This is the classic meter for por-
traits and is recommended if you are using filters with an
exposure factor (filter factor) over 1×.
The camera meters the current focus area; use to meter off-
center subjects (if Auto-area is selected for AF-area mode
as described on page 144, the camera will meter the center
focus area, while during face-priority AF the camera will
meter the focus area closest to the center of the selected
face; 0 25). Spot metering ensures that the subject will be
correctly exposed, even when framed against a background
that is much brighter or darker.