Of all the individually defined, subjective things we as users of optics apply to our optics is kind of an experience

. When I see "wow factor" I think "wow" there that is again. I wonder what this user means by it...
That is an interesting word vis-a-vis binos. I would agree with you the "wow" factor is coming fewer and farther between for me.
I do not own a ZR. Have not looked through one yet either. But I have been plesantly surprised by a couple of the mid-range binos out there, specifically a couple Vortex models. The last "wow" I had was when first using my Leica 8x20 Monovid.
To me, "wow" describes a wide, flat, high res/contrast. Sometimes it is a gestalt of all factors.
Of the modern "alphas", I have starred through them for awhile in some large sporting goods stores. Have not seen any EDG's yet. But the last "wow" before that I had was the Swaro-8.5x42 EL Swarovision-whatever". Before that it was my 12x SE, and before that my 8x SE.
Then of course, ever so often i haul out my old Zeiss 7x42 BGAT*P, and have a "wow" experience.
Here is what the "alpha" gives, other than a status marker. In the following, I am not contrasting them with the ZR or whatever your preference may be.
A consistent level of quality control.
Precision and strength of build quality, and an expectation of durability.
A relaxed, eye muscle stress free experience while using all day, and when glassing for an hour or so with out taking them from your eyes.
Immediate usefulness the nano-second they are up to your eye.
Now, I am not saying you can "only" get that from an "alpha". But, given how new the lower price optically excellent roofs are, given the variation in quality control, given that we obviously do not yet have the comments such as "got these 10-15 years ago, and still function like new yada yada...", we really do not know yet.