I run press/zone. We made DII championship game last year, so it's possible be successful. Like any gameplan, it's got advantages and disadvantages. Flexibility is a big advantage, as rednu said. Another advantage is that not many players run it, so it can be unfamiliar (FWIW, I very much dislike gameplanning against it). From a game standpoint, I can compete in all three phases of the possessions game - steals, rebounds, and FG% - without surrendering any of them.
You make some sacrifice in terms of IQ and/or development, but it's not actually that huge. You can decide for yourself how many minutes to plug into the press, but I personally use a bit less than I put into my offense and the zone. I don't use that much more total on IQ than I use to use in basic sets.