Results. During the recent outburst we detected that the Z CMa system is polarized by 2.6% in the continuum and emission line spectrum, with a position angle still perpendicular to the jet. From the high level of polarization we concluded that the outburst is associated with the dust-embedded Herbig AeBe NW component. The deep absorption components of the Balmer lines in the velocity frame which extend from zero velocity and reach a wind velocity of similar to 700 km s(-1), together with the absence of a red-shifted broad emission at similar velocities, indicate a bi-polar wind. We did not detect a significant mean longitudinal magnetic field during the outburst, but in the data obtained in 2004 we detected the possible presence of a rather strong magnetic field of the order of similar to 1 kG. However, we critically review the applied method of magnetic field measurements in the presence of a strong stellar wind. The main result of our studies is that the bolometric luminosity of Z CMa remained surprisingly constant during the recent outburst. We conclude that either the geometry of the cavity through which the light escapes from the cocoon has opened a new path or that the screen of dust, which reflects the light toward the observer became more efficient, causing the observed increase of the visual brightness by about 2(m).5.