The players will move and respond more accurately, and so will the ball thanks to improved physics. We all remember the early days of b-ball video games where the ball always, always hit the rim, regardless of where you shot it from (NBA Jam, anyone?), and oddly enough, that hasn’t changed all that much. Sure, launching a ball from half-court would probably be off-target, but no matter how hard you hit the rim and regardless of the angle, the ball rarely bounced more than a few feet. In Live 08, we’ll finally have long rebounds, and more than one player will actually go for it. Any player in the vicinity of a rebound will attempt to snag the ball, and boxing out will be a more frequent phenomenon. It’s just another aspect of the gameplay that appears to have been completely revamped, and another aspect that probably needed it.
http://www.psxextreme.com/ps3-previews/68.html
Stolen from operationsports.com's front page.