My first impressions playing on All-Star difficulty are very positive, the movement seems to be as slick as reported. There's still weight and momentum with the players but there seems to be more control and there's some really good contextual crossover and player movement when you change directions. Responsiveness is very nice, when you beat the defense with a pass you can actually get the shot off instead of having to wait while the CPU waterbugs their way over to get a hand in your face.
Collisions are pretty good too, I tried to power up for a dunk with Howard from a standing start and ran into Bynum, forcing a layup instead. Much better than warping to the hoop all the time and best of all, it goes for the CPU too. That's been a problem in years past, the CPU can shut you down on the drive but slice to the basket too easily themselves. Doesn't seem to be the case this year.
Scores were pretty accurate for an eight minute game, though game speed and fatigue effect might have to be tweaked a little in the sliders. I'd need to play 12 minute quarters to really make a decision there though. I liked that the CPU took its time setting up plays and that we're able to do the same. Playcalling is very nice, especially with all the on-court indicators and automatic icon passing (for lack of a better term) that actually seems to work properly this year. I also like that the passing icons are greyed out to indicate a risky pass, that's very helpful if the camera angle is deceiving.
So far I've been able to get used to the controls fairly quickly, at least the change in the shoot button. Still getting used to the change in Direct Pass but it's not so bad. I can understand why Jon and others are unhappy about it but so far I haven't found it to be too bad a learning curve. New shooting controls are working pretty well too but I'm still getting used to using them effectively.
Presentation is nice, though I'd agree that the lighting in The Hangar makes the player's skintones look a little light. Fine in-game though.
I'd say so far, so good.

I'll post a full write-up after some more hands-on time but so far it's living up to my hopes and expectations following the previews.