You will see a lot of us talking about it and what differentiates it from Spread and Air Raid offenses. As far as the SMU and Hawaii offenses in the game they haven't had all the option routes available in the true Run & Shoot offense.
To quickly summarize, in the R&S the WR's... 2 and sometimes 3 on every play... will have option routes. Which means if the defense is in Man>Man the WR's run certain routes. If the D is in Cover 2 they run something different. Cover 3, something different. And that goes with every possible D the defense can be in.
As Colt Brennan said whilst at Hawaii, on any given pass play he might have 15 or 16 various possibilities for routes. The WR's and QB read the defense after the snap and adjust their routes on the fly. This is because the D may show Man but switch to Cover 3 after the snap, or anything else you can think of a defense doing to disguise their look.