For all those who lost heart trying to set a default DATETIME value in MySQL, I know exactly how you feel/felt. So here it is:
`ALTER TABLE `table_name` CHANGE `column_name` DATETIME NOT NULL DEFAULT 0
Carefully observe that I haven't added single quotes/double quotes around the 0.
Important update:
This answer was posted long back. Back then, it worked on my (probably latest) installation of MySQL and I felt like sharing it. Please read the comments below before you decide to use this solution now.