The CPU grabbing successive offensive rebounds irked me too the first time. As I played more, and have acquired better rebounders, I managed to do this as well, and prevent the CPU from doing it. I think the game is using the players' Off/Def Awareness to position the players (including yours) for rebounding opportunities. I think this is a good improvement from 2004 system.
I don't have any problem that the CPU sometimes recovers in time to retrieve a loose ball. Why? Because I can do this too at about the same rate. Your player just have to be quick (QUICKNESS rating) enough. I've had a couple of sequence where Odom (QUICKNESS 80+ so far in my dynasty) attempted a dunk, was forced to adjust, and recovered in time to get the ball and dunk it over the still-recovering defender.
Sometimes, any player can just plain shoot it regardless of defenders. The superstars do this practically with impunity. The rest sometimes have a two- or three-shot streak regardless of defenders. But then again, I can do this as well using my players. Sometimes, I attempt a jumpshot just so there'd be a rebound, and lo and behold, I make the shot.

The defenders are pretty much ignored those times too.
That said, you CAN stop those players from raining points all over you. Just like the real game, the first step is to recognize who's hot and deny them the ball, or their scoring range, or both. If they DO get the ball, you can also try sending a help defender and force him to pass out. I've done this successfully when Kobe was lighting me up. I eventually shut him down in the fourth quarter.
As for defenders sticking like glue, I feel that this is one of the significant improvements in 2005. You can just use a pick to get rid of your man. In previous versions (2003/2004), picks are useless as your defensive man really is stuck like glue. This time, you can slam your man onto a pick and have that split-second of wide open look you want. On your defensive side, you can also stick to them like glue. You can even try and fight thru screens if you really want to.
A caveat though: another improvement in this game is that defensive players are actually somewhat effective in slowing down opposing scorers. The reverse, however, is also true: a weak defender on a strong offensive guy is just inviting trouble. As an example, Odom is my designated defender, and I play him at SF. Opposing SFs, even the superstars, have trouble lighting me up. Then Odom gets a minor injury which slowed him down. A lot. Suddenly I noticed that opposing SFs are taking advantage. (I check the box scores and compare)
And another thing, I began actually marking the opposing player whom I think lit me up, and checking the box scores to see if it's true. And it's not. Turns out that he just had a good quarter on me. Like when Redd once shot 7/7 in the third. I was furious to say the least as I was throwing a lot of defenders his way. In the fourth, he slowed down and only made 1/5. IIRC he finished in the low 20s that game -- which I won.
Overall, I think this game actually forces us to consider ALL the players in our roster. Used to be that a dunker and a three-point shooter is all that's needed to win games.

Now, you might need a shot blocker or two, a couple of designated defenders, some shooters, penetrators (high inside scoring guys), strong frontcourt guys (to prevent the opposition from pushing you all the way to the rim), and good passers to start your play. Just like the real game methinks.