I have it and played it a bit so far. It doesn't seem that good though. Still, it is better than NBA 05 for the PSP.
EDIT: Actually, I take that back. I spent some more time with the game and I like it a lot better. No dynasty mode, no create or edit players. EA should have done better, but I guess this is expected. Hopefully, NBA Live 2007 will give us a more complete experience.