The game does look and feel very similar to last year's version (that isn't really a bad thing) but you notice little things that are great improvements. Better camera cuts, stadiums look better (I assume that is due to the new lighting dynamics) and everything loads much quicker so you can get in and out of games much more easily this year.
That being said, this is the first year that didn't feel like an automatic upgrade for me (although I ended up breaking down and preordering anyway) and I can see why it others might feel the same way. I still don't think this game feels as "next-gen" as it could be, although I don't really know why I feel that way. There is just something about it. Most likely I'm holding the game and the developers to a much higher standard than possible currently. They make a great game, I guess I just expected a little more than what we got this year.
I'm a big RTTS guy, and the mode feels mostly untouched. I feel like it is going in the right direction with the ritual aspect they add this year, but it's still missing that immersion aspect outside of the games played. RTTS is an RPG aspect in the game, but feels like there isn't much to do outside of playing and taking practice. I almost wish that there were two versions of the show for purchase, those who want Franchise get that game, and guys like myself that want RTTS get that copy of the game. Very unrealistic I'm aware.
That being said I'm a bit off topic so allow me to bring it back on topic. My impression of the game is that it is another great game in a 10yr line of games. MLB's license is in good hands with these devs. While this years version isn't drastically different from last year's, it does move at a much faster pace load time wise, and that alone might be worth some people investing their money in it.