If Live's supposedly built from the ground up for the 360, you can't tell. It looks like an Xbox game loaded up with more polygons, and higher res textures. It doesn't look like it's trying to do anything new to make the game look more realistic. 2k6 is and it looks better by a far margin.
I suppose the "glaze" (Which looks good in motion, in the videos. For some reason certain people ignore those and only harp on the screenshots. Wonder why?) is the new "over-exaggerated jersey." You know, once they finally realized (it was forced through there head via video) that it was an early build and the later builds have been fixed, they needed new material.