ok this is off the top of my head so dont count on it being too good,
OUT OF AFRICA= This proposes that modern humans evolved in Africa from Home Erectus in the Rift valley region. From Africa these archaic home sapiens migrated t other areas on earth and colonised these regions, replacing the Neanderthals and existing early hominids in these areas. If this is correct all racial differences have to have occured at a later date
EVIDENCE FOR OUT OF AFRICA= Mitochondrial DNA
= 117000YA human fottprints in Africa
Theory of Regional Continuity= proposes that Homo Erectus migrated out of Africa (excuse the use of the term) into different regions of the world, where evolution into Homo Sapiens occured simultaneously in each region, resulting in the varying phenotypes of mankind (brought abouyt by different environmental conditions). Interbreeding occured between the regions but not enough to fully eliminate regional differences (explained the decrease in skin pigmentation as you moved toward the poles). This theory states that there was no 2nd wave of migration of H.Sapiens out of Africa.
EVIDENCE FOR= Australian fossil record indicates that there were several migartions into Australia from H.Erectus from Java/Indonesia. Australian native traits are similar to those of H.Erectus (Mungo man).
= Presence of H.Erectus in Asia (Peking Man) and in Australia (MUngo Man) supports the idea that they migrated out of Africa into different regiosn of the world.
EVIDENCE AGAINST= Groups of H.Erectus evolving in isolated locations would have to have similar characteristics, they do not.
= Human footprints in Africa call validity into question
NB: The OUT OF AFRICA model is the theory supported by most scientists.
Hope thats of any help.