I bought the game on day one and no regrets. I think the question you need to ask yourself is how big of a college basketball are you? My take on the 2 types would be:
Hardcore fan: buy now don't rent
Casual fan: rent first don't buy
You cannot upload draft classes into Live which is a shame that its still an omitted feature. And as pjv said, the game has its weaknesses but nothing that prohibit the overall fun factor and enjoyment of the game.
Oh and Happy Holidays to you and yours as well.
