Both of these products are not labeled correctly, and it's confusing to the customer and really annoys me. Megs labels their NXT 2.0 as a wax, when in fact it's a sealant. Zaino labels their Z5 as a polish, when in fact it's a sealant.

Having gotten that tidbit out of the way, they are both very similar products and they are both very good. Both are synthetic polymer sealants that contain "fillers" that attempt to fill in light scratches and swirls. If you are interested in using one of these products to hide paint imperfections, you will be very disappointed. Any scratches that it might fill in are back in a very short period of time. The best way to have paint imperfections removed is to actually remove them.....not attempt to fill them in. If you are interested in using these two products simply as an LSP you will be very pleased. Both have their pros and cons. The NXT 2.0 looks fantastic and really provides some really good depth and gloss to your paint (especially darker colours). For a synthetic sealant, I didn't find the NXT 2.0 to be as durable as others. The Z5 is one of the most durable sealants on the market and I really love the stuff. The Z5 provides somewhat of a plastic type look to your paint....if that even makes sense. It doesn't look bad by any means, but the NXT 2.0 provides more of a nice glossy wet look. I layer all of my sealants with Carnuba anyways so Zaino's finish doesn't bother me. And don't get me wrong, the Z5 still looks great on it's own.
Erik, to answer your question yes you can use them both. You can layer sealants so you can apply the NXT 2.0 over the Z5 or vice versa. If you prefer the look of one and the durability of the other is really the only reason why you would do so though.