To start, both transformers are excellent. I own a ZW-L and I know people who own the Z4000. To be fair, the ZW-L is a much newer designed transformer so it has more features built into it.
The ZW-L has 640 watts of power. Each of the four channels has a limit of 180 watts (18 volts @10 amps). The transformer will not let you exceed the total 640 watts. It will cut back power to any channel and divert it other channels as needed but never to exceed 180 watts on any channel.
The Z4000 only has 2 channels rated for 180 watts. 1 channel is fixed at 14v 3 amps. Last channel is fixed at 10 volts 3 amps.
The ZW-L has 2 circuit breakers per channel. One is software controlled, the other is a manual breaker. The software controlled breaker trips very fast and is re-setable via the cab1 remote. The backup breaker must be reset at the transformer by pressing the reset button. If either breaker trips on a given channel, the other channels remain live.
The z4000 has a single breaker for each output.
The ZW-L has 2 gauges for amps and 2 gauges for volts. It defaults to showing the outside channels. Touching the inner dials, the gauges will auto switch to the touched channel and show its reading. When done, it switches back to the default outside channels.
The Z4000 has a digital display of the volts and amps for the two track power channels only.
The ZW-L detects overloads and will fold back power on the channel with the overload. If it is not corrected, the channel will shut down. This differs from a direct short which will cut the power immediately.
I do not know if the Z4000 has this feature (but I do not think so)
Both have bell, whistle, and directional control buttons.
The ZW-L puts out a chopped sign wave. The chopped sign wave does improve performance of smoke units and pullmor motor engines. At 18 volts it becomes almost a pure sign wave.
Z4000 is a pure sign wave.
Both have internal cooling fans and On/Off switches.
The ZW-L is fully controllable via the Cab1. I do not know if you can cotrol the Z4000 from the dcs remote.
While the Z4000 is cheaper, you are getting a lot more transformer with the ZW-L. Its really a matter of preference and what you need from the transformer. I got the ZW-L and it powers all my tracks, switches, rcs tracks, and some lights. I have come no where near its limit. It has proven to be a dependable unit. If I had to decide today, I would again choose the ZW-L.
The Z4000 has been around for a long time and is also a dependable unit. I cannot say I have ever read a bad report about it. You can't go wrong with either choice.