Well I guess I have to chime in here, you guys are getting waaaay out of hand! :rolleyes:
As redhawk already said 'Zetec' is the actual name that Ford gives the engine and yes there are different versions of it.
Most notably the addition of VCT to some Contours/Cougars. VCT = Variable Cam Timing. While similiar in result to Hondas VTEC its not even close to that level of design.
Our VCT is a small solenoid that retards or advances the timing of the exhaust cam by no more than a few degrees.
Hondas VTEC, as I understand it, works with a cam that actually has an extra set of lobes(they make the valves go up and down). When the VTEC 'kicks in' the cam actually shifts its position to use the extra lobe set and produce a different powerband.
Keep in mind that this is not a Technical description but the basic operation as I understand it. Our cars simply have two cams with the equivalent number of lobes(16) and the computer alters how the exhaust cam is spinning. While the Honda cams have a whole extra set of those lobes. I'm not positive about whether its on both cams or just one. HTH.