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Both of these games are challenging and fun. Both games showcase real NBA players and grant the ability to play some really tough games. Additionally, as platform games have improved graphically, both games now provide an immersive experience, and that's the single most important thing a game can do. The one difference between the two games that makes me lean toward NBA Live is that NBA Live is so broadly available across multiple platforms. Unless you're running an Atari 2600, chances are, you're going to be able to play this title.
NBA Live means that there is an immediate reaction to the game play instead of having to wait for the transfer of the data to the internet with the use of social media or other gadgetry or widgets. Live is better because there is no delay in knowing the outcome.
If you were to look at some photos ladies and gentalmens, you can clearly see that the graphics on the current NBA 2K14 for the next-gen is way better on NBA Live 14. Also, there are way more game modes available in NBA 2k than NBA Live which is obviously better in my case.