So obviously these all go hand in hand with the passing game. The 0/0 pass blocking gives that true collapsing pocket feel, which creates that true sense of urgency for both the user and the CPU. Don't worry though, you'll still have time, but you'll need to have an idea of where you're going with the ball. Like a true NFL QB, you'll get 1, maybe 2 reads before going to your check down or underneath receiver.
As for the reaction and coverage, here is my philosophy on those: To give the passing game a pure feel, reaction time should be minimized while coverage should be maximized. In the NFL, coverage is tight - on every play. The only time a receiver is wide open is from a blown assignment or if the DB falls down or was truly juked out of his shoes in iso coverage. All of those are rare. One of my gripes about higher reaction time, despite having some pluses to it depending on the set that you use, is defenders reacting to the ball as it leaves the QB's hand. I couldn't stand seeing a safety or defender on the other side of the field already making their way over to the "play" as the ball is being released. Incidentally, the coverage on the receiver in target will remain tight, but the defender won't react to it as quickly. If you watch the DB cover the receiver in the game, they generally are reacting to the movements of the receiver, and not the QB. The reduced reaction time gives that effect. With the lower reaction time, defenders are not going to start reacting to the ball until it's actually in the air.
The CPU will still be able to move the ball in the air. These settings and sliders, combined with the fact that the QB Accuracy slider now works after 1.10 eliminate the robo QB - they may pick up a few first downs on a drive, but they can be stopped. You NEED to get pressure though - that is an absolute must. If you don't, you'll get shredded.
As for the user, it's all-madden, so you still have to be smart. Take what the defense gives you, and limit the chances that you take. You'll also be able to move the ball, but you'll have some drives that stall out or you'll go 3-and-out.