Yes it's out. And it's pretty damn good...or as good as a basketball video game can get. The gameplay is pretty accurate (I don't think any game could ever accurately depict all the facets of basketball action), the graphics are great and smooth. However, the "replays" look awful (basketball looks like it's not even touching their hands) and player models aren't very accurate at all, except for the top guys. Oh...and free throws are ridiculously hard. Also, there's the "invisible wall" annoyance where your guy will break free from his defender but some unknown force will prevent him from blasting towards the basket on occasion. But, other than that, it's very fun to play and looks/moves so well that sometimes you forget you're watching a video game.
In comparision, NBA Live 2007 absolutely SUCKS. Do not get this game under any circumstances. In my opinion, it was rushed out prematurely to go up against 2K7. It's so horrid that I don't know HOW it passed QA. I can pretty much sum it up with this...IT IS IMPOSSIBLE TO MAKE A LAY UP. Trust me. Oh...and the AI leads to mismatch city. More often than not, the CPU will cause your center to somehow match up with the opponent's PG...so you end up having to guard their center. And a bunch of other frustrating stuff.
NBA Live 2007 LOOKS a lot better than 2K7...more detail on the player models...but the framerate is MUCH choppier.
I have both...and playing 2K7 after Live 2007 is like a breath of fresh air.
Oh...and I played basketball in high school...so this is coming from someone who plays the game for real.