I think the Zed is a very good all rounder. Most of the decisions they took in the development were conscious ones after benchmarking cars like the S2000 and the Boxster. They wanted it to be different, cheaper, more torquey, more of an old fashioned drive (albeit I doubt if they used that term). This meant that there were inevitably going to be compromises along the way.
I am sure that if you take each component and compare it with the best out there eg. the gear change vs the S2000 or the steering vs a Lotus it would fall short. However, as an overall package at the price (particularly in the 2nd hand market) I think it takes a lot of beating. Equally there are specific times when I'd rather be in a Caterham or a RS Clio but I've still got the Zed.
It's close to my longest keeper (for a weekend fun car). By October it will be.