I love my Z. I also have an iPaq 2215, so I kinda know what the differences are.
Answers to your comments (to the best of my inability):
E-Books: You can convert *.lit format to other formats. I personally like and use opie-reader and JustReader on a daily basis. On the iPaq, I convert *.lit books to other formats and use uBook reader. I almost never use MS Reader.
Lack of Specialized Commercial Content: I have never needed anything that was not readily available on the Z. I use the Z in a law enforcement environment and the programs I use are all freeware and work well. Sorry I can't help there.
PDFs: I rarely use PDF formated documents, but the few I have used display well on the Z. Often better than what I can get with an iPaq.
Lack of PIM: I found the A default PIM to be better than the default PIM on the iPaq. I currently use Informant 5 on the iPaq and it is a good (not great) improvement over the default Z PIM. It also is fairly expensive.
Lack of Good Office Apps: I don't do any big editing on the Z. I take notes using the Hancom word and simple spreadsheets using sheet. I have found that the office apps on the Z are better than the ones included with the iPaq. I have our entire training and policy and procedure manuals on the Z. I also have the department schedule (in excel format) on my Z. I haven't tried the aftermarket apps available for the iPaq; but out of the box, the Z blows away the iPaq.
Lack of Sync with Desktop: I have no problems (both wired and WiFi sync) so can't comment there. I have the Z and iPaq flawlessly sync with Outlook and can transfer any files I want. I have had some minor difficulty with the iPaq changing the formats of some files when transferring them from back and forth.
All in all, the Z is a better tool for me. My iPaq has been relagated to an entertainment device. I use it for listening to mp3's and reading books (better screen and battery life). The Z is just as good performance wise as the iPaq 2215 for everything I have tried.
One more note: If I was to try to bring my iPaq up to the usefulness of the Z, it would cost me at least $200 for the commercial apps. I have found the apps I need, but not the money for them. The Z is a worthwhile investment, but requires some minor brain power to setup and use to it's fullest. The iPaq is for the brain dead and/or lazy. Once a Z is configured properly, it is a wonderful device. I only wish I could afford a 7XX or 8XX clamshell.
V-Man