  We present an analysis of spectrophotometric observations of the latest cycle
of activity of the symbiotic binary Z And from 2006 to 2010. We estimate the
temperature of the hot component of Z And to be \approx 150000 - 170000 K at
minimum brightness, decreasing to \approx 90000 K at the brightness maximum.
Our estimate of the electron density in the gaseous nebula is
N_{e}=10^{10}-10^{12} cm^{-3} in the region of formation of lines of neutral
helium and 10^6-10^7 cm^{-3} in the region of formation of the [OIII] and
[NeIII] nebular lines. A trend for the gas density derived from helium lines to
increase and the gas density derived from [OIII] and [NeIII] lines to
simultaneously decrease with increasing brightness of the system was observed.
Our estimates show that the ratios of the theoretical and observed fluxes in
the [OIII] and [NeIII] lines agree best when the O/Ne ratio is similar to its
value for planetary nebulae. The model spectral energy distribution showed
that, in addition to a cool component and gaseous nebula, a relatively cool
pseudophotosphere (5250-11 500 K) is present in the system. The simultaneous
presence of a relatively cool pseudophotosphere and high-ionization spectral
lines is probably related to a disk-like structure of the pseudophotosphere.
The pseudophotosphere formed very rapidly, over several weeks, during a period
of increasing brightness of Z And. We infer that in 2009, as in 2006, the
activity of the system was accompanied by a collimated bipolar ejection of
matter. In contrast to the situation in 2006, the jets were detected even
before the system reached its maximum brightness. Moreover, components with
velocities close to 1200 km/s disappeared at the maximum, while those with
velocities close to 1800 km/s appeared.
