'Load' will load only the current data and not any other data that is changed afterwards (no delta support)
'Replicate' will load the data till the current state and also all the changes that happen then on (Replicate = Load + Delta).
Load is advantage if you think you won't have any updates in any table and this will not create any triggers or logging table in the source system which are primarily required for delta (and hence replicate creates and uses them!)
Replicate is advantage if you want real-time data always in HANA and which would enable you for real-time reporting.
Load - if i relate load into BW terms , then load is basically your first full load. You can choose load option for that purpose.It will bring your entire data structure and data into your HANA database.
Usually load , we prefer when user doesnt want to see real time scenario, & if i think from developer point of view , i will prefer load , if i want to do modelling n my HANA studio, because i knw that data present with me will be correct , the possiblity of any error in real time entering of data by user will be avoided.once the model is ready , u can put the tables in replication mode......
"Replication mode" - replication mode is used when user wants to see its data real time , in simple terms , replication will put triggers in ur source system and change log table in ur SLT system. As , the entry is created in your source system the triggers will automatically put values in your change log table & delta will pickup those enteries from changelog table into HANA database. this is hw ur replication works , in which you can see near real time data flow.
My preference will be .... load table first ..... & then put it in replicate mode , if needed acc. to business scenario.....
Hope this helps...