NBA Live has gone back to the basics.
For pros, the ball handling feels great. It is very satisfying to beat a man off the dribble and dunk it home. Also the pace of the game is nice and quick, so running a fast break feels better than ever. The A.I. is not perfect, but it is not the weak point it was in years pass. Generally speaking players space the floor properly and react the way they should. Also the player animations are great. Playing with KG finally feels very different than playing with Shaq. As far as the graphical style, I'd recommend forming your own option on that. Players are very glossy and polished looking, which takes away from the authentic look, but that is not necessarily a bad thing, it is just the artistic direction they chose, love it or hate it.
Now for the cons. Many times you will pass it to a player on the perimeter, and they will be standing out of bounds. That gets old very quick. I could nitpick more about small flaws of the game, but the aspect of the game that is most disappointing to me is the lack of quality post play. My favorite player is Al Jefferson who is known for having one of the largest arsenals of low post moves in the league. When I play with Big Al, I can essentially perform a fade away, a hook shot, or attempt to dribble quickly around the defender. This does not accurately represent the NBA feel of what it is like to watch a player dominate the low post. My biggest problem with this omission is it makes players like Al Jefferson or Tim Duncan not any more valuable than someone like Andrew Bogut.
To sum it up the perimeter play feels great, the animations are a huge step forward, the game does not use gimmicks as a crutch, the quick pace of the game will appeal to a lot of people, and even though the low post aspect of the game is nearly nonexistent, the overall game is a lot of fun.