I bought a 2007 Z1000 in Feb this year (08 ). It's an awesome bike to ride, can be a little rough on the bum as it is a pretty thin seat, but not a big issue. The only problem I have found with it is the fuel sender unit crapped itself and I am getting the whole instrument panel replaced under warranty. It has done 1450 km. I haven't ridden an FZ1 so I can't comment on it but I have owned 2 other Yamaha's, an XJR 1200 and XJR 1300 and although they were great bikes to ride the Z1000 is quicker, and more fun to ride for small distances or twisting roads where the larger Yamaha is better to ride for longer periods.Any owners of the new Z1000 have any comments. I'm on the fence for either a New FZ1 or new Z1000.
Hope this helps.