Were you playing another player, or the computer? Against a good player, no, if they hit Y/LB and jump up, odds are the ball will be knocked down. Many players hit RB though and it goes for an INT, which will be missed most of the time. So be sure you understand and are using proper context, which I don't believe you are with regards to APF2K8.
I disagree completely. Even in Madden '09 I can read when a guy is open in man coverage, easily on slants / straight routes across the field (horizontals) based on the fact that they have a step on the coverage, and the coverage is above them, not below them. Based on this analysis, if I see a DB below a WR, I would not throw a hard pass in to the WR as the video seemed to show. I might put some touch on it and lead the WR, but the pass does not look like a lead / touch pass in the slightest.