I wouldn’t compare Deep Paint or Body-Paint to Z2. Neither one of those programs will offer the same functionality of what Z2 can. I seriously doubt you will find ANY other software that will allow you to paint displacements, and be able to see them without having to test render to see “Results”. While I’d like to see 3D painting made available in Z, I’d hardly fault Texture Master for not doing so now, especially considering it’s uses.

EDIT:
What Z2 Means to Me!
Sorry this has taken so long, but it took me a while to actually figure out some of the concepts for the new Z2. But here is my impression of the new Z2, wether or not it means anything to anyone else, I felt I’d like to give a rundown on most of it’s new features, and how I think they’ll help me.
Interface.
I never had a problem with the current (1.55) interface, so hopefully the interface isn’t that much different so I can start using the new Z quickly. My favorite feature I think will be the Active Zoom. Especially if you can use that while painting textures!
Materials
I’m looking forward to these first and foremost, because of 1) The Fibre Shader, and 2) the ability to copy and paste materials together.
I can’t say too much about what I’ll do with this yet, but I can see me using materials, especially baking materials, a lot more than I had originally planned.
The cavity shaders make for an interesting idea. Especially for aging items quickly. I can honestly see this cutting down the time needed to create accurate looking textures, because a lot of it will be done as a material. Cool stuff here.
Groups/Zspheres
This is the meat and potatoes of what I’ve been wanting to do ever since I’ve started learning 3D about a year and a half ago. These improvements will allow me to create 3D characters for my comic book, give me the potential to pose, transfer, add to, and take away from any and all Zif objects. Being able to add geometry as a Zsphere is going to be awesome, and I can see this being a very easy way to add clothing, shoes, hats, hair, hands, different expressive heads, and so on! This will be the first thing I think I will tackle. I simply cannot wait!
Multi-Resolution Mesh Editing/Advanced Geometry Tools
Sub-D’s done right! With the ability to refine and alter the base mesh, there simply isn’t any need to go to another program to model. Although I haven’t played with this yet, I can see that I won’t ever need to go to another program to make the things I want to. I applaud Pixologic in this because now it looks like there will be much more control over how much geometry you need to create objects in Zbrush! Way to go Pixologic!
My only concern is wether or not the Edge loop or the Divide functions will be accessible in adaptive preview mode of the Zspheres. If that is the case, then I will be very happy!
Sculpting Brushes
My precious… 'Nuff said
Visibility Controls
Interesting Stuff. This will help out greatly for those of us who want to model every single tooth inside a head! LOL Also, I can see using this for other things too, like hiding the arms or legs of a character if they aren’t shown. Or hiding parts of castle pieces to make it look like debris scattered across a field. Although it doesn’t say wether or not the objects remain hidden in final render, I think it will. Either that or you can delete/trim it.
Cool feature!
Symmetry Restoration
This is probably more useful for programs other than Z2. I wonder if this will mirror copy UV’s that were created by another program. That could prove useful to Game developers who are looking to conserve texture space.
Paint Controls/Alpha/Strokes/Texturing
This is something that will definitely speed the workflow for texturing. My favorite tool is probably going to be the paint roller brush. Sweetness!
Transformable Strokes
Not sure if I’ll use this too much. But you never know. It’s good to have though, especially if you are able to use this with Texture Master which I assume is the case considering the nature of Zbrush.
Zscript Enhancements
Taking a lead from Svengali, I will make a point to master Zscripting. It may take awhile, but I will do it. I look forward to the improvements that will be made for better Zscript writing, and hopefully I’ll figure it out soon enough.
Conclusion
I’ve missed a few things, but overall, I would like to say that I am very pleased with what Pixologic has made. I am almost 100% sure I will be able to get rid of my other 3D apps because of the functions the new Z2 will have, and to me, that is very good news! I want to personally thank the Beta Testers for taking the time to help Pixologic Beta test this, and for providing tutorials for the benefit of Z2’s new users!
Thanks for the update Pixologic, and I’ll be waiting patiently for it’s release!