^ in terms of performance (fastness)..? like loading of apps.
Nope.
Note II has the best screen, the bigger screen and the SPen, a feature extremely unique, the SPen is an amazing device and its worth every penny, also better multitasking, so Note II is basically a mini tablet for serious use(work related) plus fun and gaming on the side, which works just as well.
Xperia Z is all about performance, it has neither a better screen nor multitasking features like multiwindows, what it has however is s faster CPU/GPU, a higher res screen, a better camera, waterproof etc.
So if I wanted a phone to take care of my emails and other work related tasks, like reading/editing excel docs, powerpoint slides etc, reading ebooks(specially for this), maybe drawing a bit on the side(for ref I can't draw), then Note II is for me, its the blackberry for androids if I am allowed to exaggerate.
But if I am a fun loving guy who likes to keep his work in the office, on a laptop etc, if I like to handle my phone rough, maybe go outside on a rainy day talking to my gf, if I want the best performance money can buy, if I want to play games with as much FPS as possible, if I want a uber cool camera on the side, and mostly if I am a guy who likes to separate his life from his work and want to enjoy a cool phone I'd get the Z.
Now personally, if I can afford it right now, I would get the Z, but maybe in a few years, when I can no longer keep my office out of my personal life, I'll probably pick the Note series, for convenience.