They´ve been rehashing 2K7 ever since, which is a solid but not spetacular game.
I think the problem is that we don´t have 300-400 people capable of making a good basketball game in the game industry.
The ones with a grasp of what basketball is are already working for 2K.
EA turned Fifa around after numerous efforts, but they can´t do it with Live and i imagine it´s the lack of talent to make sports games.
EA also turned NHL around. They really need to work on NBA Live though and probably Madden as well.