incredibly close to the real thing, sorry mate but no it does not, not even close. The animation system is great and they may look close to real player behaviors. But the game does NOT play basketball like its played in the NBA.
Edit: maybe we have different perspectives and this is how basketball is played to you, but for me, and I have spent my life dedicated to basketball, it is just endless frustration. There is no standard for a great sim basketball game. That is why I make my opinion heard, because I lust for it. I don't want these developers resting on their laurels. There has been no true innovation in basketball gameplay for a long while and I have hopes that Live this year will bring some.