I was lucky enough to have my EB give out NBA Live to those who pre-ordered it last night. (Xbox)
All I can say is WOW.
I am blown away. It is better than I expected. It is very, very realistic.
The only thing I have noticed being a problem is that in the two games I played, the point guards of those teams took 20 shots in those games. One was the Lakers (Atkins) and the other was Houston (Lue). Also, at the end of my second game the Rockets didn't call timeout to adance the ball even though they were down 3 with 4 seconds left

The blocks are a little high, so you'll need to adjust the sliders some for that.
The shooting percentages are right on. In the two games I shot 45% and the comp shot 39% in my game against the Lakers and 43% as the Rockets.
12 minute quarters might be a bit long. I used subs and everything ( no starter more than 35 minutes) and I had a final score of 118-115 against the Rockets. In 8 minute quarters with no fatigue and only starters, I had a final score of 82-71 against the Lakers. So, 10 minute quarters seem like they would have realistic numbers, but I am trying to get it so I can play 12 minute quarters. And for those of you wondering, I played it on All-star level.
You guys will love it. I don't think anyone will be disappointed. If anyone has any questions I will be glad to answer them.