When takling about performance, Z06 certainly has the advantage and it sure is the car to go for if that is all a person cares. The Z06 is in a class of its own within its price range.
But the Z06 loses its advantage when it comes to other things.
Although they both offer great V8 engines, but the Modena offers a much more hi-tech and costly engine, with 5 valves per cylinder and pumping out more than 100bhp per litre.
The Z06 does have one of the best tuned OHV engine, but not quite up to the level of the DOHC V8 inside the Modena.
Also the interor, as it would be pretty important for when someone spends $150,000 on a road-car.
The 360 Modena is more unique, and almost everything could be made to the customer's choice. This is also what people might look for when they spend this kind of money.
With the 360 Modena costing nearly 3 times more than the Z06, it pretty much explains that these two cars are for people in two different world.
As I still believe what you get what you pay for.
I would not consider a 20k car when I could afford one at 60k.
No matter what, it is always nice to find out how a lower priced car and outperform a car costing 3 times as much and this is what the American automakers are offering now.
Proving to other automakers that "we can burn your a$$ with more $$$ in yuor own pocket"