Its a good grass, Anthony summarizes the potential problems, although he makes it sound a little harsher than it is. I am about to do the same, even though I think its a fine grass in the right applications.
Zoysia is the best grass for tranisition zone fairways, bar none, and has been pushed further south by high end clubs, primarily because, as one rube puts it, its like teeing it up from the fairway. Southern superintendents say its not ideal for them, despite its play qualities. In the deep south, it will have similar quantities of maintenance problems as bermuda, but different issues. A combination of traffic and shade hurt it in winter, even while it avoids the scalped down lies of Bermuda. Maintenance wise, I think Bermuda is probably closer to bulletproof.
Its important to realize that there are many Zoysia choices now. I am not an expert, but the common Zoysia that was once advertised as the bullet proof "miracle grass" in Midwestern papers has been hybridized into many forms. Many varieites are relatively problem free. However, once researchers started breeding for finer texture for use in fairways, collars and even greens, for example, those types started showing less disease, shade and drought resistance as a tradeoff, losing some of the qualities that made Zoysia attractive in the first place.
Zoysia suppliers seem to be being particularly vicious in their sales pitch when it concerns other companies varieties and products. Each claims theirs is the purest form. In fact, its hard to keep weeds like U3 bermuda out of a large Zoysia sod farm, so constant monitoring of sod delivery from almost any supplier is a requirement for close to genetic purity.
BTW, it grows so slow, you need to sod it. Some companies are pushing zoysia plugs in a netting material as a better, less expensive alternative, but I am not convinced. It just takes too long to establish.
Zoysia doesn't tolerate wet feet, and should not be placed unless your fw areas have surface pitch of at least 4.5% Its thatchy nature makes it soak up water, and in flat areas, it will become soggy. Some clubs are using sand capping of the fw when resodding to it, but I don't think of it as particularly a sand loving grass either.
So, its a choice, and rather than being clear cut, depending on location, its one of many, with some advantages and tradeoffs, depending on what your course deems most important.