Well from my xperience with the note 2, the xperia's camera is a winner in everyshot. All my friends who seen pics from camera, are saying its great, the screen is impressive once you relaise that is doesnt overblow colours and overstaurate them, and the menu os os actually is a very dark grey, not black, which alot are dissapointed by it, thinking its the black levels that arent good. When I took a snapshot of the xperia z wallpaper, and viewed in gallery with bravia engine enabled, the colours and contrast really popped, similar to htc dispalys, however once again thats down to prefrence, some people prefer a natural life like viewing experience, while others prefer a high constrast high saturarion eye popping display, similar to how a tv is presented in stores , running on demo mode. While it might look great and eye cathing, you're not really going to take it home and watch a movie on it that way. first thing you do is tone it all down to a more natural setting, because in the end its much more pleasant on the eyes.
Thats how I feel about the xperia z display. The only thing my note wins in, is battery life. However with normal use, the xperia z takes me through a whole day. A compromise iam willing to make.
Yes, it doesn't overblow the colours, and I realise lots of the UI elements are grey, but the blacks and contrast still aren't good enough even taking colour reproduction into account. That isn't to say that many won't be satisfied with the screen, but it is objectively the worst panel I have seen for some time if you leave resolution aside. If you look at other 1080p panels it is demonstrably the worst so far (I have an HTC Butterfly, so that isn't hearsay). I should mention that the defects in the display go beyond personal preference, because I prefer natural colour reproduction and especially white balance (the reason I'm running Perseus kernel on my Note 2, it has a professionally calibrated screen setting). There is some suggestion that there is wide variability in the quality of Z screens though, so perhaps I have a 'bad one', but I haven't seen a single credible source like GSMArena say nice things about the display either.
You should do a direct comparison with the Note 2 camera, taking shots in the same conditions with the same composition. I did yesterday (shots and commentary are in my Twitter feed) and the Xperia Z camera produced worse shots in almost every setting. You don't have to take my word for it though, check GSMArena for a comprehensive overview. The Z camera is not really any advance on the better 8mp cameras from last year, and in many conditions produces worse shots. Hopefully some of that can be improved with software update, because the most egregious problem is overly aggressive noise reduction smearing out resolved detail (to the point that even in good lighting conditions it resolves less detail shooting in 12mp than my Note 2 does in 8mp).
There is a lot to like about the Xperia Z, and many will be very happy with it, no doubt about it. The screen and camera simply aren't as good as the marketing, that is all.