It depends on what you're looking for. I've been reading the Naruto manga since middle school and I must say that in terms of story line, it definitely is top notch (One Piece is also up there)And trust me, I've read and watched A Lot of manga and anime. In terms just good anime, I think Death Note, FMA Brotherhood, Code Geass, FLCL, Samurai Champloo, Darker than Black, and even Gantz can be seen as better than Naruto, but I think the main reason for that is the fact that they're a lot shorter (in terms of anime). Naruto has it's ups and downs but the overall story(manga wise ) is pretty good. I don't really like the anime and stopped watching quite some time ago because it basically kills the imagination and portrays Naruto as not a serious storyline. But if you only read the manga, it's insane how serious the manga feels. Maybe it's just my own imagination at work though.
And DBZ isn't better at all. I used to be a hardcore fan, but DBZ doesn't have enough character development and basically went off the cliff after the Cell Sage. It would have been better if Goku Died in the Frieza Saga (permanently), Vegita in the Frieza Saga (or Buu Saga) and Piccolo in the Cell Saga after reuniting with Kami and traing Gohan then dying like a Boss, and from there allowing the story to follow Gohan. No wishing people back. That in particular killed the anime. That and always allowing Goku to return stronger than everyone else and leaving the fight to him.