The following is taken directly from the official PGATour 2K website.
DISTANCE
Gameplay: determines the max carry distance, launch RPMs, and apex of a shot.
Counter attribute: forgiveness (more distance = less forgiveness)
Pro: increased distance offers more scoring potential on long holes, with well struck shots.
Con: reduced hook/slice control (forgiveness) can lower FIR and GIR percentages for a lesser skilled golfer.
FORGIVENESS
Gameplay: impacts the downswing timing forgiveness; poor timing tilts the spin axis on the ball, resulting in off target shots.
Counter attribute: distance (more forgiveness = less distance)
Pro: increased hook/slice forgiveness keeps you out of the hazards, and on target more often than not.
Con: reduced distance can make scoring on longer holes more challenging.
SWING PLANE
Gameplay: impacts the swing plane forgiveness; missing the swing plane adds push or pull to a shot.
Counter attribute: distance control (more swing plane = less distance control)
Pro: increased push/pull forgiveness keeps you out of the hazards, and on target more often than not.
Con: reduced distance control makes it harder to dial in that distance, resulting in more over/under shooting of your target.
DISTANCE CONTROL
Gameplay: impacts the backswing to downswing transition window; backswing transition point determines the swing power.
Counter attribute: swing plane (more distance control = less swing plane)
Pro: increased distance control reduces the chance of an over swing or an under swing, keeping you on target.
Con: reduced swing plane increases the chance of pushing or pulling your shot.
SHOT SHAPING
Gameplay: impacts the amount of fade/draw/spin control that can be done using the True Shot shaping feature.
Counter attribute: various (more shot shaping = less other attributes)
Pro: more flexibility with shot shaping means more ways to attack the target.
Con: a situational attribute that doesn't come into play unless the player chooses to make use of it.