I've given my thoughts on MyCAREER in last week's Podcast and in this week's Monday Tip-Off, but I know those features aren't for everyone, so I've been meaning to jump into the discussion here in the Forum, too. This thread seems as good a place as any.

Basically, I agree with you. The production values are really good, a lot of work has obviously gone into it, and I can see what they were trying to do. I also think that the approach of having your player start off in high school, go through a few college games, and then finally make it to the NBA, is a really cool idea. The problem is, the underlying concept of the mode doesn't quite match up with the story elements. As you noted, you're meant to be a big deal, but you start out rated really low; around the level of someone who's a career journeyman and frequent benchwarmer. The story is meant to play out a certain way, but there's a disconnect with the gameplay.
And that's one of the biggest problems with the mode. Spike Lee obviously had specific characters in mind when he wrote the story, which doesn't gel with the "put yourself in the game" and RPG-like aspects of MyCAREER. As such, when you do have a white MyPLAYER, he looks really out of place with his black parents and black twin sister. The protagonist in the story is clearly meant to be a young black man from Harlem, growing up in the projects. Fair enough; that's the story that Spike Lee wanted to tell, and it's not like a lot of NBA players can't relate to that background. Nothing wrong with that plot whatsoever. However, it's not a "one size fits all" story, and thus it's not universally suitable for a mode in which you can put your own face into the game. As I said in the Monday Tip-Off, you end up looking like a very miscast actor, if you don't fit the character Lee had in mind.
The abundance and length of cutscenes is a legitimate gripe, so I agree with you there too. The writing itself is a bit corny and cliched - part of that's on Lee, though it might also come down to him having to work his style into a more family-friendly rating - but even putting that aside, it feels like the gameplay to cutscene ratio is skewed the wrong way. To me, it's turned out to be a perfect example of how problematic it is to incorporate a scripted story into MyCAREER. The best thing you can say about it is that it's relatively short, so you can get through it reasonably quickly.
However, you shouldn't
have to slog through it to get to the good stuff in MyCAREER. I'd like an option to skip the story, and just start a MyCAREER game similar to the approach on last gen. And if you're going to have a story - skippable or not - include some plot branching, and find ways that allows your MyPLAYER to fit into the story better. A more flexible back story, multiple character models for your family that change a little according to the MyPLAYER you've created (Fallout 3 did it way back in 2008, I'm sure 2K could find a way). That'd be a much better way of handling this style of MyCAREER game, because right now, it's not so much "Be The Story", as "Be Lee's Story".