I don't know about the V1, but I use a Z1 and here's how it works:
The Z1 has two slow-mo speeds, although I'm not sure about what the framerates are exactly (I can check on the camera tomorrow if you'd really like to know). On the slowest framerate, you can shoot up to six seconds of "real" time, and then it expands it to, maybe, 4x slower or so. When it prints to tape, the footage is interpreted to NTSC or PAL still, so FCP has no trouble with it because it sees it as a standard frame rate.