It looks good raw. This camera gets so much sh#%& on this site because of HDV GOP compression and what not. But guess what, I had the DB @16 for low light anf no grain what so ever. Try that with HVX200.
Like Barry says, "Every camera has it's advantages."
PS. I'm still getting a HVX with Brevis or Micro35
Noise performance is the Z1's chief advantage, no doubt. I'm working with an A1 right now and the FX1/Z1 is so incredibly clean compared to the A1. A1's sharper, Z1's cleaner.