Quoted:
Or, a Savage MkII GL for $200. Which I'm assuming has a worse action than the CZ, but is the CZ really worth twice the price of the savage?
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I have the Savage FVSR and the CZ American, and I really like them both. But, IMO, the answer to your question is yes, the CZ is worth the price.
With the CZ, you get the feeling that they didn't skimp on production just because it was "only a .22." The wood on mine is sufficient to look like a quality rifle, and the accuracy is great.
The Savage is a nice rifle, but mine is definitely not as smooth and finished as the CZ. The stock is plastic, and feels just OK. Accuracy is great on this too.
The really short version is that I feel like the CZ will be something that will be appreciated by generations in my family, and the Savage is something that is fun, but not in that same league.