Live 2005 is looking great so far. But in the graphics department nba live has always been, in my opinion, a bit behind of espn. The videos and screenshots show this year a major improvment, but the lighting and shadowing is still off. EA Canada knows their way around this skill in the madden and nba street series.
(check out nba sreet vol. 3)
http://sports.ign.com/articles/533/533019p1.html
in the sound department it's a matter of taste. I personally am a fan of simulation, and don't like all the inhast exploding sounds made in dunks. I rather my b-ball game sounding and looking as real as posible.
I think this olympic year was a great opertunity to insert a few national teams in the game (with a fiba court) to play for the olyimpic title, but I don't know how many Americans would be iterested in this. mabey EA could develope an international basketball game simular to the fifa series