I haven't noticed any difference in the look or smell of the used oil since removing the system. I will also be taking this engine apart over the summer to convert to TT so if there is any excess sludge or anything else abnormal I will post it.
The main reason I went with the delete is that my last motorcyle was a 2002 Triumph Speed Triple and it didn't have any kind of PCV system from the factory. Just a vent tube that ran to the airbox. I put 50k miles on this bike over several years and had the top end apart numerous times for valve checks and the inside of it was always spotless. I figured if it worked for the Triple it would work for the Z.