As someone that has played A LOT of 2k over the last 5 years, I look at the 2k trailer and see the same game with a face-lift. Some of the animations even look incredibly similar to current gen games. 2k13 and 2k12 significantly changed my outlook on 2k... the gameplay wasn't very balanced and online was miserable (in my opinion... others will differ). I didn't even buy 2k14 because the game lost most of its enjoyment for me. And, no, it isn't because I suck at the game. My win percentage online is around 75%.
Having also played a lot of EA Sports games, I can say that EA generally makes games that are more fun to play over a long period of time (again... my opinion... others will disagree).
So, when I see a new, fresh (albeit flawed looking) basketball game it gets me excited even though it may not have the pretty graphics that 2k has. Graphics only get you so far... Plus, I like the competition. We all (yes even those people that are physically hurt by this trailer) win if Live does well...