mjh, I have a good feeling that you're similar to myself when it comes to Madden...the utmost priority is a realistic franchise mode (sim stats, draft logic, etc.). I can tell you that this game is not perfect, but then again, what version of Madden has been perfect?
But I can also tell you that this is BY FAR the best next-gen Madden to date. Franchise mode, sim stats, and draft logic are not perfect, but definitely playable. That is to say, in a franchise report, you could pass them off as realistic, or just slightly askew.
As for the gameplay itself, it has it's problems...but I'm sure the first patch will go a long way to helping it out. And with the number of sliders in the game, it can be tuned to be playable pre-patch, and to your liking.