I just bought this game 2 months ago for $4 from hastings. Have been playing it consistantly in that time. I don't connect my xbox online so I never bothered looking for the patch and while there are some bugs I don't feel any of them are game breaking to not justify spending $4 for a game.
The bug mentioned by cutter about the players asking for outrageous amounts of money annoyed me at first but now I just laugh and let the player go in FA and I will usually end up with a better player either through the draft or FA anyway so it's actually been a bit of a blessing.