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i have been using the zma for 1.5 yrs now, n my frnd has owned a P220 for roughly d same amount of tym.. here r d pros n cons of each bike:
P220 gives more bang for the buck as it is 15k cheaper than d zma n is slightly more powerful due to higher ps & bhp..
on the other hand, like any bajaj bike, d P220 starts falling apart after a year of regular use.. n maintainence goes up, but that will happen with any high-end bike you buy except for yamaha..
mileage wise, P220 is slightly better than the zma..
hero honda service is much better than bajaj..

n many more such arguments for each bike, but my final word of advice:
if u r plannin to keep this bike for a period of less than 2-3 yrs then go with P220.. coz it runs amazingly for d first 2 yrs, but starts giving problems later on.. but if u plan 2 keep this bike for the long run as in 5 yrs or more, i suggest d karizma.. it will cost you 15k more right now but will pay off in the future because d hero honda engine is much more reliable than bajaj...

My choice:Karizma(Long Run)
P220(Short Run).