Personally I am not too concerned about a zinc alloy receiver.
Alloys and synthetics have come a long way.
Its like saying that a new Audi is inferior to a 1927 Ford Model T because the Ford is "real iron and wood" not the synthetic and alloys used on new cars.
Certainly if you have the cash, there are higher quality firearms out there.
If I had $700 to spare I would love to buy a 9422, but I don't.
If I had $150,000 to spare I would love to have a H & H double rifle, but I don't.
But when a fella has $250-300 to spend on a nice lever action .22 the Henry is a great choice.