How does defensive positioning apply to a man-to-man defense?  It is easy to imagine how this strategic adjustment is designed to be used in conjunction with zone defenses, but  how would adjusting the +/- affect the man-to-man defense?  Does it have the exact same pros and cons with M-2-M as with zone?  i.e. sagging improves defensive rebounding and makes it more difficult to score inside, but leaves outside shooters more open and causes more fouls, while pushing out hinders outside shooting and reduces fouls but opens up inside/midrange scoring and hurts defensive rebounding (if I understand correctly)?

That's correct. The rebounding advantage/disadvantage is quite minor (or at least it was in the old engine).

Unfortunately, defensive positioning doesn't work very well in the new engine.