I have both as well. I've noticed that on a handheld 3-cell SF body, the Z32 sometimes may cause the light to flicker. I think the Z32 has a foam pad insert that causes the lamp to move around a little bit, causing the batteries to lose contact with it it the light is jarred. I think the M2 bezel has a thicker rubber foam pad insert that stabilizes it a bit more and I've had no problems with it on the same 3-cell light. The classic Z32 has a non-removable press-fit lexan lens and the M2 unit has a Pyrex lens retained with a screw-in ring, a plus for high-heat applications.
The Z32 is standard on the 618fa/fga and 918fa/fga Remington 12-gauge shotgun lights and the 310/610R .45 auto handgun lights as well as many others so I don't think it gives up anything to the M2 unit in terms of shock isolation. (Those weaponlights also have an internal shoulder that keeps the batteries from slamming into the back of the lamp under recoil)
It has been debated whether or not shock iso bezels are useful for lights only handheld, or even that shock iso is needed for weaponlights at all. I say a little bit of protection and a different look for the light is always cool. I just like the Pyrex lens and the big horkin' fins on the M2 bezel, but whatever floats your boat.