Ouch. Very overpriced.
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http://www8.hp.com/us/en/campaigns/workstations/z820.html
The form factor is not important if you're not carrying it around. In fact I'd go as far as saying it's retarded for a workstation class machine. Nothing swappable, nothing replaceable, graphics are shit, max memory is pitiful, no internal disk worth mentioning.
It's a joke. A fucking expensive one designed to get slightly mental people to spend money.
Where are you going to get "Dual AMD FirePro D500 with 3GB GDDR5" for under $699?