I actually think the FTZ is one of the strengths of the Z system, at least for those of us with F mount Nikon lenses. Almost all Nikon lenses will work with a Z body and the FTZ. Of course screw drive lenses will not auto-focus, as there is no screw drive motor in the FTZ; they can be used in manual focus.
As DR says, optical quality is the same as on your DSLRs, at least with comparable sensors (e.g., D850 and Z7 or D780 and Z6).
I have used my 500 mm PF (with and without a 1.4x TCIII); 300 mm PF; 70-300 AF-P FX; 70-200 f2.8E FL; and 19 mm PCE (manual focus, of course) extensively on my Z7 and Z6. I find they work very well on the Z bodies with the FTZ. I have not noticed any issues with slower focus (except with birds in flight), although I have not run any comparative tests. I mostly shoot birds and other wildlife, landscapes, travel and family events. Except for the 19 mm PCE, I mostly use the native Z mount lenses at shorter focal lengths.
While decent, the Z bodies (so far, anyway) are not as good as the D500, D850, D5/6 for birds in flight or other very fast action. I think this is attributable to the autofocus system of the Zs, not the FTZ. Hope it will be better in the Z7II and Z6II.
Finally, I would note that I find autofocus is better for me on my Z7 and Z6 for stationary or slowly moving subjects than with my DSLRs. Not sure exactly why, but I think the difference is there. Because focus points cover almost the entire frame? Less or no need to tune autofocus? Some other advantage of on sensor focusing?
If you have manual focus lenses, I think you will find they are easier to focus on the Z bodies, given focus peaking and in viewfinder magnification. I prefer my Z7 to my D850 when using the 19 mm PCE.