It has a 3" lift and 33s. With that, the Multimatic shocks are awesome. It also has leather and AC seats standard.
I used to work with a guy that had a Z71 Colorado, and it was just a 4wd midsize truck. No personality. It was boring and plain, just like the Tacoma I traded in. The ZR2 looks great, drives great, and it just stands out from the crowd in midsize trucks.
I drove a Ranger Raptor as well, and while fun and fast, it was LOUD and the ride on the road was just kinda blah. And nothing about it really gave it the wow factor.
While it has a higher starting price, I think the ZR2 is the much better option and better value.