Some updated impressions, and a hell-of-a glitchy comeback
http://www.youtube.com/watch?v=3eVp0B2t8f4Summed up, I feel the game draws some comparisons to 2K8 and 2K10 due to some animation-heavy tendencies (players getting locked into animations posting up, screen canimation, catching the ball and going over-and-back or out of bounds). 2K tactics won't work as well in this, at least not mine. Roster updates are disappointing, the ball does warp and ghost, dynasty and rising star modes aren't even worth mentioning. There are still major gameplay issues that popup once or twice a game in 3-6 minute quarters, like the timeout thing in the video. Playcalling is disappointing, relying on the cut and LT/L2 screen quick plays are much more effective.
Only take jumpers that are open, and the shot timing is ridiculously quick. Dribbling and shot blocking are very satisfying, and defensively the game does seem to penalize defenders for minor movements/positioning. Graphics are not at 2K's level, but I honestly have had the infamous "What game is on?" when leaving a stream on of the game, probably due to presentation elements.
It's fun, it has issues, don't get it unless you like the demo enough to give it a shot. I have seen glowing impressions, I have seen "I wasted my money" impressions, and I've felt both ways with this game. Right now, I am completely addicted to the gameplay, I keep coming back and wanting to play more. I don't care about the rosters, I don't care who is on my UT, I just want to play more.