Better than later iterations of the series, but with serious flaws...
Unfortunately for 360 owners, that's not saying much.
Gameplay (6/10):
Gameplay in MLB 2K7 is heavily flawed - to such a degree, in fact, that it's almost fatally flawed. While a lot of things work well, there are a few things that are problematic.
First and foremost is the home run problem, which still hasn't been corrected in later versions of this series. I really don't understand why this is so difficult. But essentially, when you get the timing down in this game, you'll easily average 5-6 home runs a game and have many games with 8-10. And at high difficulty settings, when you pitch, you'll give up that many or more as well.
It's wildly unrealistic: even if you throw balls to down and away that just nip the corner, hitters can rip them for opposite-field shots or even pull them for home runs. They even take balls off the plate and outside and pull them. It's just not possible.
On the other hand, pitching is somehow too "easy." By this, I mean it's way too easy to hit your spots. So if you practice for maybe an hour, every pitch will be exactly on the corners, and you'll never even get close to the middle of the plate. This just isn't reasonable: turn on MLB Gameday and you can get a sense of how good pitchers are at hitting their spots. A ton of pitches catch the middle of the plate, a ton of pitches are balls that miss their spots. It's not easy to hit the corners from 60 feet, six inches out, but you'd never know that playing MLB 2K7.
That being said, you can take steps to correct all these problems. The key lies with the heavily customizable sliders that control every aspect of the difficulty setting. With these sliders, you are able to make the hitting experience a lot harder for yourself (driving your output down to a healthy 4-5 runs per game averaged).
Unfortunately, you cannot really fix the pitching side to make it seem realistic. The problem is you can't really make the pitching that much more difficult, so you never have simulation pitching. And without simulation pitching, you can't really make the CPU bat like a real-life batter would, since real-life hitters would be annihilated by the monsters who pitch in MLB 2K7. The best you can do is make both the pitchers and hitters superhuman, so you hit the corners at will and they hit a thundering double or home run half the time they make contact. It will lead to, again, a reasonable number of runs scored in a game.
Options (7/10):
You have all the modes you could want in this game. You have your long-time franchise, season and playoff modes, along with single games and special mini-games like Home Run Derby. You can also create players and load them onto the major league rosters, allowing yourself to live out the dream of playing shortstop for the Yankees or Red Sox.
Franchise mode is a little lackluster, however. Trade logic is a little bizarre, so you can get a young up-and-coming superstar like Cole Hamels for a more mediocre veteran and two or three decently-rated middle relievers or backup outfielders. It's just not at all like how trades work in real baseball, resembling more closely the way in which a Madden franchise player during that series' 06-08 renditions could scoop up a 90 overall, 25-year old running back for an 86 overall RB, an 82-rated linebacker and an 84-rated right guard all around 30-years old. One more mark against the game's simulation aspirations.
Presentation (7.5/10):
It's a mixed bag here. The new graphics engine can be gorgeous at times, but a lot of the animations look really awkward. Particularly throwing animations seem really off; when you scoop a ball as an infielder, you very often make a very bizarre-looking throw that is biomechanically horrendous and would never produce the zip you somehow put on the ball.
Also, the game's much-hyped moving uniforms are way too fluid. Everyone looks like they're wearing the thinnest silk possible, as the slightest breeze will set up a furious wavy motion in your players' unis. It was a cool idea, but it detracts from the game's realism in yet another way.
I thought sound was pretty solid, with good commentary that's better than par for sports games. I liked these guys better than the anonymous voices that now handle Madden, or the repetitive and limited commentary options you get in FIFA.