It would be zwave equivalent of X10 Powerflash Controller. Does not exist yet to my knowledge. Second needed device would be equivalent of X10's UM506 Universal Module having both continuous and momentary contact, possibly even chime.
To all of you who need it, keep bombarding Intermatic, Jasco/GE and ACT to develop it. I was actually thinking to hack my old X10 modules with Zwave module, but I am not EE. Perhaps someone else would figure this out and post some solution for us.
Thanks in advance.