Well, I'm late to this party! Being that up until fairly recently, I was a big moto fan, I feel like the Moto Z is a total letdown in so many ways. And Ara, your opinions have lots of merit, but I disagree with you on one big thing: that camera bump. I've HATED it on every phone that's ever had one of those big ugly things (including how many Nokia windows phones? Ugh). Yes, I slap a case on just about every one of my phones, but I still don't like that if I don't, I'm going to scratch the living crap out of it. There's just no way around it. Heck, I worry about scratching the back of my SGS7 when I take the case off of it for 5 minutes to wipe the whole thing down! I just worry about stuff like that. My phones usually look almost like new a year later, that's how anal I am about caring for them (and no, I do not use an otter box case, either). Ugliness is a subjective thing, and I just find camera humps/bumps/bars/big things that absolutely overwhelm the look of the back of a phone to be ugly -- that's just my personal opinion, though (obviously some others feel the same way). In all fairness, I found the back of the 6P to be ugly as heck, too.
The modules.. eh. They don't do anything for me. I didn't find them compelling on the G5, and I don't find them compelling here. I get it though, and I'm not against them. Do I hate the contacts being openly visible on the back of the Moto Z? Yep! Do I see 'em getting dirtier than heck if no mod is attached? Yep. I can't help but feel like the back of the Moto Z was designed to always have a module on it -- but selling the phone without a basic one in the box seems like the cheap, money-grabbing thing to do. Look! You can add functionality to your phone with modules! And without one, your phone will feel too thin, have a huge camera hump, and its contact points (that should be squeaky clean for a solid connection to be made to the phone for a module) are fully exposed right out of the box! Oh, and if you want to cover that up, buy a module (yay, more money for us). It feels like they're putting an unfinished product in the box and telling us that what we need to make it really whole is sold separately. meh. I hope there's something in the box to cover that up ... but I'm betting not.
Oh yeah, and then there's that whole Verizon exclusive thing. That alone is going to destroy this phone's chances of success in the broader market. Ah, well. Hopefully Lenovo will learn from this (or maybe not).
I got disgruntled with moto/lenovo when they stopped caring about updates to their existing phones and their dev/forums/support team started acting like they were one giant, disorganized mess. At that point, I exited the Motorola Feedback Network for good, and I worried about what the future with them would be like. I see now that I was absolutely right to walk away after the 2014 Moto X, and after seeing the Moto Z, I know that I will not be coming back (at least not for a very long time).