Actually, I used to say BlackIce was a better personal firewall. But, I have used and bought NeoWatch 2.2, and I must say it is a VERY good program. I would have to say better than ZA.
If you plan to run NeoWatch on a Windows 2000 machine, make sure you either by 2.3 or download the patch for Windows 2000. I had a major issue that everytime the program launched, I would get a BSOD.
Version 2.3 is much more stable, and works great. Also, I love the add-in feature of NeoTrace Light.