Graphically, NBA Live 2004 is better than 2005.
the graphics of 2005 are very blurry and the textures are less detailed.
the lighting effect on the players and the ball are strange. (we all noticed long time ago)
the cyberfaces, jerseys and shoes textures are bad.
moreover, i think that the number of polygons MAYBE less than last year.
Actually the overall ingame graphics are worse than 2004.
here are some examples (pay attention on the shoes & jersey):
2004
http://gallery.flyupsky.net/albums/userpics/10001/nbalive2004/unrealistic/screenshot0165.jpg
http://gallery.flyupsky.net/albums/userpics/10001/nbalive2004/screenshot0012.jpg
you are able to see the details of the jersey & shoes, even though it's just a small NBA logo on the jersey, it's clear.
Let's see the 2005 screens
http://gallery.flyupsky.net/albums/userpics/10001/nbalive2005/screenshot0004.jpg
http://gallery.flyupsky.net/albums/userpics/10001/nbalive2005/screenshot0024.jpg
IMO, NBA Live 2005 is graphically the worst in this series.
(in comparing of the graphics development at that moment),
Live 95 ~ 2004 is the pioneer graphically, they are 1000 times better than other games at the same time.
I am quite disappointed this time.
of course, gameplay rules the game.
but still, the major bugs are still there (and I've found another BIG bug...)
Hope EA will release a patch later.