It seems to me that Chevy just simply split the Camaro line back then. If you wanted a top-dog handler - Z28; if you wanted race down Woodard - SS. A Z28 could still run respectable times in the 1320 but a COPO SS would run circles around it on the 1320; I wouldn't try running circles around a Z28 with an SS around a road course though

That's changed since then though...
IMHO, although I'm a Z-fan, I think the SS has been moved into the top-of-the-line position. GM didn't make as many of them as Zs; SSs, like has been said alread, had suspension improvements (although 1LE Camaros would likely have been a little better,) intake and exhaust improvements, and small powertrain improvements; and was finally more expensive than Z28s. They really made close to the same power if the intake and exhaust upgrades by SLP weren't added to the SS.
I'm not sure what GM will do with the new Camaro. I'm sure they're going to follow the same format as fourth Gens. in that SS will be the top-dog. If they are going to use Cobra as the target, I think that's logical. SS, IMHO, has always been on top as far as power so that makes sense to me. I definately don't think GM is going to make Camaro as diverse as it was in the frist Gen. models, but I think it will run close to the fourth Gens. with maybe an additional engine upgrade... that's what I hope anyways