In regards to Aniest's comment about some Z5's having a problem with extracting, I have one in .22 LR that had issues with extraction. Every so often (sometimes every few rounds), the case would be left in the chamber after firing and cycling the bolt, and I had to use a cleaning rod down the muzzle to push it out. Unfortunately, I'm new to guns so I'm not 100% sure of the cause, and I got the gun mail-order so I couldn't really send it back without costing half as much as the gun itself. But I can tell you what I do know (and what some of he guys on Rimfirecentral.com told me when I posted there).
The most common issue I heard of with these guns was poor feeding mags. After I posted at RFC, one guy mentioned that some Z5's have tight chambers. I think my issue was related to one (or both) of these. The extractors seemed ok, but I wonder if the poor feeding would cause a round to be pushed into the chamber awkwardly without the extractor claws at the end of the bolt 'grabbing' the rim. This would allow the round to be chambered and fired, but when I pulled the bolt back, it just left the case in the chamber. As for the tight chamber, I had my issues back in the fall/summer, but the two times I had the gun out in sub-zero temps, I had no issues. I wonder if the metal shrunk just enough to open up the chamber a hair. And with the scarcity of .22LR ammo, I couldn't find any other kinds of ammo locally to try. For the record, I used most Remmington Yellow jacket and a few CCI Stingers, but I had the same problem with both. When I mentioned on RFC that I was considering getting some Federal on mail-order, most guys seemed to think that would solve my problem. I didn't end up getting the Federal because of shipping costs, but as long as the Yellow Jackets function ok in the cold weather, I'll keep shooting them for now.
Here are the threads I started on RFC:
http://www.rimfirecentral.com/forums/showthread.php?t=564864
http://www.rimfirecentral.com/forums/showthread.php?t=564862
Apart from that, I've heard generally positive things about the Z5/MP22. The wood is kind of a toss up. I don't remember where I read this, but apparently Zastava finishes the wood according to what the distributor wants, so you could get nice wood or ####ty wood. Mine isn't great, but I'm probably going to sand it down and re-finish it. I didn't actually get to handle a CZ, but it sounds like it's nicer than the Zastava. I kinda wish I had bucked up for the CZ (or put aside my feelings about the ugly stock on the Ruger American), but I'm looking at the Z5 as a good 'project' gun and something I can tinker with and learn on.