As suggested in the FAQ at the bottom, instead of !… you can use ctrl-r. Or better, optionally type the first letters then alt-p or "up". It's more powerful and more extensible. Other shortcuts, like alt-., allow navigating into the past parameters.
With up, alt-p, alt-. and such, the command line displays the real command. The !… magic is more error-prone and ambiguous; with zsh, I'd suggest hitting TAB to expand the magic into a static text.
I would add other entries to the FAQ: When I enter `sudo !!` will it be stored unchanged in the shell history, or stored after interpolation of `!!`? When I start a command line with a space, so that zsh does not put it in the shell history, will !… also ignore that line? Is `!$` recursive?