As I see it: (probably missing some things, so chime in and add as you'd like)
Zone -- Advantages: Low fatigue impact (can leave your best players in game 30+ minutes with high stamina), flexibility to adjust from 2-3 to 3-2 to account for opponent's inside/outside shooting proclivities. Can hide a weak defender as part of the '3' without significant danger. Fouls against the defense are low in number. Disadvantages: Weaker in rebounding than M2M. Talents of best defenders are neutralized by getting averaged with weaker players. A 3-2 will get eaten for lunch if you don't have solid rebounding /defense numbers as the '2'. Even a "strong" 2-3 defense seems to be susceptible to a good 3-pt. shooting team. Generates the fewest turnovers.
Man -- Advantages: Ability to control your matchups, putting best defender in opponent's best player. Strongest defense overall for rebounding. Best defense for trying to take a specific opposing player out of the gameplan (if you have the ratings), generates lowest opposing FG percentage vs. other defenses (all things being equal). Disadvantages: Weak defenders are easily exploited, rotation patterns need paid closer attention to, shifting players to cover opposing studs sometimes comes at the cost of juggling your offensive lineup (your high Def. PG might have to start in the SF slot for matchup purposes, reducing his effectiveness as the engine assumes the guy in the 1 slot is acting like the PG on offense...man teams should really have two depth charts, one for who is covering whom on defense, the other for who is playing in which slot for offense.)
Press -- Advantages: Generates a high number of turnovers. Can be strong against the 3pt shot, even at minus settings (I'm talking shooting percentages here, not limiting attempts). Disadvantages: No way to adapt defense for opposing team's stud players, enabling opposing coaches to amp distribution to top scoring threats. Fouls can pinball in some cases, especially when fatigue is also a factor, worst defense for rebounding (all things equal). Requires the deepest bench, meaning weaker players will see more minutes here on average than any other defense.