Thanks for all the comments.
Yes my own understanding of the current definition is that it (V1) is an 'Action Speed'. Certainly my Airbus performance manuals state that absolutely clearly. However when I ask colleagues to define V1 I still get that same old 'Decision Speed' term in the majority of cases. It was the term that was most commonly used by our training department in the past and I think it still remains stuck in peoples minds.
It may be semantics, but when you are training people I believe it's just sloppy to not give them the proper basics.
Before getting away from this and into Vref issues, are there any EVERGREEN pilots here? I read an article in the Boeing Airliner two years ago which described EVERGREENs policy of 'decrementing' the calculated V1 by a fixed value (8 knots?) and bugging that as V1 in order to cater for delay between Vef and pilot action by V1. I guess you could realistically refer to that new speed as a 'Decision Speed'? Are they still doing this? Does anybody else?