I hope this will help you.
R8 Pros
1. EXOTIC! meaning only limited numbers are made, value of the car in the long run MIGHT increase further and can be a good investment like Jay Leno said.
2. Due to the exotic nature there is what we called EXCLUSIVITY. There are 30k vettes out there in the world and a little number of R8, depends on your area if there are many. Surely many will turn heads to your car just like ferrari and lambo and etc.
3. Lamborghini engine 5.2L V10, nice revving sound. That roar! attracts younger generation a lot! Lamborghini's luxury equipment with the Audi logo of-course.
4. R8 is known for good car for daily driving.
5. Great at corners due to AWD and helps in snow and rainy season. Great handling overall
6. Great S-Tronic gear box.
7. This is not confirmed yet but they MIGHT add an electric motor and further increase the HP.
8. You can show off to other people that you are rich.
9. It is hand made, a true art and there is a passion with the car
R8 cons
1. Due to its exotic nature, expect a higher insurance, higher price, higher maintenance cost (It is hand made! the labor cost is quite high), Thirsty engine and drinks a lot of premium gas (not a problem with those who are rich and does not worry always going for gas station)
2. With the current R8 or even if they bump the hp a little bit, vette is still faster.
3. Vette do have a convertible in nature, even in coupe version we have the removable roof. While the R8 does not have that flexibility. However I like the styling of R8 spyder just like the lamborghini.
4. Not to mention your trunk space is 4cubic ft. and it is quite small even for a luggage.
5. Not a great car for crossing countries or state. Not good for long travels.
Z06 Pros
1. Cheaper than r8
2. Faster than r8
3. Nice new styling
4. Huge hatchback space or trunk-space for vert
5. Lower insurance cost, maintenance cost, repair cost
6. Convertible in nature
7. Cylinder deactivation
8. Good interior (I wish they returned the leather on the passenger side just like the stingray)
9. Parts are easy to find compared to exotics
10. Great traveling car
11. Fun to drive
Z06 cons
1. Just another vette. "The old man's car" (Maybe due to its old styling and color like that cooper orange)
2. There is 1 Ferrari 1 Lambo 1 Koenigsegg 1 R8 1 Mclaren and there are thousands of vette. (Not that exclusive)
3. No Exotic feeling (subjective aspect and viewer aspect)
4. RWD - I don't actually know if this is a Pros or Cons, it maybe be both depending on your location and situation.
5. Attracts older generation, Try attracting those beautiful young girls with a vette, you might get something like this >>>
6. Value depreciates over time
Summary and my opinion:
Buy the car that you can afford and you will enjoy, In my situation R8 was my first affordable exotic however Z06 offers speed and versatility and a lot cheaper but not an exotic car. My opinion about this matter is that wait for a year after that Z06 hype went down and to know what problems you might encounter in both cars. If i were in your situation I will wait first then buy later when all hype went down. Also newer cars will be up soon like Hellcat Charger, 4doors 5 passenger capacity 707hp 650ft tq. or The 2016 Mustang with 750hp and unknown specs yet.
Buying a car is like buying a computer, there are always something better around the corner!
-its either you enjoy it now and sell it later or save now and buy later.
To address your Z06 vs Z07 problem: Z06 is great on the road and Z07 for track. If you track a lot go for z07 if minimal or not go for z06.