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The IMA system adds 132lbs and a few thousand dollars to the CR-Z. The CR-Z would be a sportier, more fun car (for non-hypermilers) to drive if it weren't a hybrid. As to whether it would have a lower total cost of ownership, well, that's never been the point of a two-seater.
I also read that they had to beef up the IMA motor from the Insight's 1.3L to cope with the extra torque of the CR-Z's 1.5L. That pretty much rules out them dropping in the 2.0L from the Civic Si and keeping it a hybrid.
The CR-Z reminds me of the Accord Hybrid, with its uncomfortable compromise of sporty and green.
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