Ok, my findings are this...You can pass out of layups and shots (haven't tried dunks). But, you need to press and hold the pass button while holding the shot button and when the computer feels good and ready, they will pass it to someone. The only problem is...sometimes they don't pass.

Also, the mid-air passing isn't perfected either, it's pretty much the same. You have to click the pass button in the middle of the ball being passed while pushing the left analog stick in the direction of another player. And, once again...it doesn't always work...

But, I found that lobbing it up to a player then trying to do a mid-air pass seems to work easier. Although, the lob usually gets stolen so that's not a great idea either.