A wide variety of stochastic models of cladogenesis (based on speciation and extinction) lead to an identical distribution on phylogenetic tree shapes once the edge lengths are ignored. By contrast, the distribution of the tree's edge lengths is generally quite sensitive to the underlying model. In this paper, we review the impact of different model choices on tree shape and edge length distribution, and its impact for studying the properties of phylogenetic diversity (PD) as a measure of biodiversity, and the loss of PD as species become extinct at the present. We also compare PD with a stochastic model of feature diversity, and investigate some mathematical links and inequalities between these two measures plus their predictions concerning the loss of biodiversity under extinction at the present.This article is part of the theme issue "'A mathematical theory of evolution": phylogenetic models dating back 100 years'.