I got a hold of it for the 360, and I'll give it a 6.5/10.
It gave me a poor impression before I event started my first event. The GUI is confusing as hell. Even after 2 or 3 hours of playing the game, I haven't completely grasped the concept of the menu system. Some of the items are also difficult to read, but I'm sure that's cleared up on an HDTV (like PGR3).
I started out making a "Superstar." I think this mode has some strong points, but could use some improvement. The way you determine what position your superstar will play is laughable. It all depends on the careers of your parents? So what you do is randomize your parents' careers, hobbies, and IQ's, and hope that the combination will result in you being the position that you desire, it took me 10min to get a MLB. Every so often you'll luck out, and your father will have played football, in which case, you'll be assigned whatever position he had. After that, there is the actual create-a-player mode, that is actually quite nice. It's no Tiger Wood's create-a-player, but there are plenty of very realistic facial models. You don't get to edit any equipment though (although you can if you create a character outside of the "superstar" mode).
After you got your guy set, you have workouts and the combine, to "try out" for different teams. The three mini-games involved here can be frustrating, but after you get through the learning curve (took me 3 or 4 tries), they aren't too bad. Once drafted, the games can be a little boring. You sit out any play that your man isn't on the field, but it runs the game at 2x speed while you wait. This can be nearly unbearable if you selected a position other than QB or HB. When you are playing, you're thrown into the "3rd Person" camera, just like on kick returns in the newest NCAA. I personally can't stand it, as it completely eliminates the concept of peripheral vision. You also don't get to pick a single play, which is a big drawback for me, even though it does make sense.
So, after growing impatient with the Superstar mode, after one pre-season game, and a regular season game, I decided to try out a Franchise. But then I realized that there was no "Fantasy Draft" option, so I just quit.
But, features aside, game play was okay. I'm more used to NCAA on the regular Xbox, and the controls still feel awkward. The way the players move, run, and turn also feel weird. Controlling the defense made me feel incompetent. But, I think it's just me being used to NCAA. Maybe in a few days I'll manage to get used to it.
Graphically, the game is nice. And I'm sure it would look a thousand times better on a decent TV. The player models are great, with very realistic movements. Although, it seems every player on the field is build like a large linebacker, including the kickers. The game knows it looks good, and likes to show it off, "cutting" the camera in-between plays to show off a certain section of the stadium, or the QB approach the line.
But yeah, if you're a Madden fan, you'll probably buy this game regarless of reviews. But if you didn't play the first 360 version much, I suggest a rental before dropping $60 on it.
**EDIT**
I just remembered, the online play was unbelievably laggy.