The Z2's noise canceling technology and its proprietary IEM are very much shared with the walkman line. IIRC that 5-pole connector debuted on the X1000. This combo has shipped not only with multiple walkmans, but also built into several Vaio laptops. The technology hasn't changed in 4-5 years, Sony's probably long amortized all associated cost, so that's why now is the time to finally build it into the smartphone line...which is too bad cause for years it was #1 on my smartphone feature wishlist.
So it's funny to see how much reporting from the mobile phone world have no grasp on this NC feature, they often get it wrong, confuse it with noise cancelling for calls, or think it's really brand spanking new.
It's also funny because, as I recall from 6-8 years ago, western folks in online forums or reviews often were very snobbish and refused to use the NC IEM that came with their Sony walkmans (when the sound really wasn't bad at all). They're the ones who gave Sony a convenient excuse to remove NC from the international version walkmans. By comparison, NC is still a pretty good selling point within Japan, and is now standard across the entire Japanese walkman line.
Okay, rant over
The Z2's headphone out is not bad at all, the sound is pretty clean. It sounds better than the Z and miles, miles, miles ahead of my late-2012 Sony phone. (now THAT is a bag of hurts) I've talked about my impressions at length elsewhere on HF, so I'm not gonna repeat myself here, but I decided to skip the Z2 based on sound quality alone. It's good but I felt there are other phones that did a little better.