I think this quote from Roland Brown in "Superbikes of the 70's" might sum things up:
"At an indicated 100MPH, it's a hell of a thrill. You're crouched down in a vain attempt to escape from the wind, peering over the clocks and with arms raised to high, wide handlebars. The big engine is sucking audibly through its open-top airbox beneath the seat, and howling louder through four chrome silencers as the mighty Z1 speeds along with the force and style that once made it the undisputed King.
Then you glance down at the steering head and realize that the handlebars don't just feel light, but that they are moving slightly yet visibly from side to side under the strain being fed to the chassis. It's not a weave, but it's not far from becoming one- and it shows the other side of the Kawasaki's personality. The motor's smoothness and easy speed could almost deceive you into thinking that this is a modern multi. But superbikes were very different when the Z1 ruled the roads..."
Personally, I think Honda could have kept up with the Kawi in terms of design, but they chose a different path with the 750, going more for refinement rather than pure muscle. According to a retired Honda engineer, the 750 was supposed to get DOHC back in 1973- why did it take so long to achieve this? Plus if you look at race results, the guys that won were on Z1's- when all the rest of the field were on 750's.