I think the physics is improved. I didn't see balls take crazy caroms of the walls (something that's irked me in past versions), the developers made certain that we noticed that homers were hit by righties and lefties (), and I thought the hit variety was not only good - but the vast majority of the times, it did exactly what I expected. When I popped up, I had expected to do so even before the swing animation was done.
I crushed two huge homers, and I knew that both of them were likely gone before the camera even showed the flight of the ball.
There are "power" (L trigger) and "contact" (R trigger) modifiers. Holding down "power" while you swing will increase power at a distinct sacrifice of contact ability (and a few humiliating animations if you swing and miss - think Reggie Jackson), while holding down "contact" will of course act in reverse.
I loved it - it didn't feel gimmicky at all, and the "boosts" are rather minor. I liked unloading on a favorable count, and squeezing the "contact" modifier felt just right with two strikes on me.
One of my two colossal dingers was achieved without the "power" modifier, and it was the biggest one of the two - so I don't think that's much of a concern at this point.
Just to note - drag bunts are handled very, very well - and they'll be a weapon during game play with a contact hitter or speedster.
In the field, you have a "hustle" option (the R trigger). However, it's a really short boost of speed, and after it's over, the fielder's gassed - and he'll run at barely half-speed afterwards. I found it to be realistic and it added more strategy in the outfield. You'll find yourself gambling a lot less and taking better angles (surrendering the single to save the double or triple) a lot more.
I was sure it was going to be a step back, but as it stands, it's another step forward.
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Players do not collide. The dev team considered this, but the animations involved would reduce the gamer's ability to react, and so they decided to skip it entirely. I concur with that decision.
They added base coaches, however - they wave you around, tell you to slide, and get the heck out the way out of foul balls rather nicely.
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College atmosphere: First, I live in a college baseball wasteland, so I'll freely admit that I'm not the best person to ask. The crowds are good, but the sounds are rather generic. If you're expecting the kind of audio experience you'll get in "The Big House" in NCAA Football, you'll be disappointed.
But it's baseball, not football, and while it would be nice to have more enthusiastic and team-specific crowds, I understand that acquiring such assets takes time. It didn't really bother me.
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Is it a "keeper"? Abso-friggin-lutely.
If you like baseball games at all, this is up your alley - MLB license or no.
On top of that, I think EA has something of an opportunity to grow a new segment of fans, much like their NHL series in the early 90's created thousands of hockey aficionados.