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In my case, I was so incredibly frustrated by problems in earlier 2K Sports games on the Xbox 360 -- especially the bugs and game lock-ups in MLB 2K6 -- that I couldn't bring myself to choose NBA 2K7. While in many ways I loath feeding the EA Sports beast, I didn't feel right handing money over to 2K Sports after their lack of good faith in resolving gamer complaints about their MLB game, and last year's NHL game and NCAA College Hoops games.

Image linked from store.yahoo.net
As the images above show, NBA Live 07 continues to deliver the eye candy. The graphics are pretty good in the game, and the detailing in the stadiums and player faces are quite nice.
The game play is sadly not necessarily up to the pretty images. The game continues to be a dunk fest in most cases, and shots that should be easily made (lay ups as an example) are missed for inexplicable reasons. Teams make fast breaks down the court, run right up to the basket and miss shots that any school yard baller would easily make. Not contested, not well defended, just gimme shots that are missed as if someone was being paid to miss the shots.
The Dynasty mode (one of my favorite features for a game like this) is nice, but the menu system for the Dynasty mode in NBA Live 07 uses slightly different menu structures and patterns compared to the ones used in Madden 07. I know that EA normally has different programmers and partner developers involved in their various games, but I wish that they would be more consistent across games and use the same menu layouts in all of their games. Staying more consistent within the game menus would help novice gamers like myself more easily go from one sport game to another.
NBA Live 07 is a decent game, but not a great one. It is worth the purchase price (barely), but probably is better positioned as a game rental for most potential players.
I should add here that I still object to the $10 premium that EA (and others) charge for Xbox 360 games. Considering that the game really isn't that different from the same game on the older platforms (Playstation 2 and original Xbox), paying a premium for the game on the newest generation hardware seems to be a serious F--- You to the gamers that have the newest systems. I understand paying for bleeding edge tech, but I wish that the developers were not so quick to use any excuse to suck down more money from their customers.