To be honest, I haven't watched too much of the video above because I'm still waiting to save up enough money to justify buying the game (I am poor/I have bills) but I did watch about 30 minutes of it. And, personally, I enjoyed it.
I liked it for a lot of reasons one of which being that I'm already a fan of the NBA2K series and I tend to enjoy the MyCareer portion of the game anyway. But one of the main reasons I really loved this, is the way the characters are portrayed on-screen. I think Spike Lee is acutely aware of the role of people-of-color as the main character.
If you choose to play the game as the default character (without customizing them to look a little more like you) then you're playing Frequency (yes, that is his real name) as he was written. A young person of color from the inner-city who is talented with a basketball.
That being said, Spike Lee's Livin' Da Dream is one of the first -- and maybe only -- games with PoC characters who aren't stereotypes. To certain extent, they could even be looked at as role models. From what I've seen from the game/movie, it really takes itself seriously (for some people this could be seen as a problem) but I think it really adds something to the culture of video games as a whole. Because honestly, it makes me feel more validated as a Person of Color who enjoys video games (and is tired of playing as grizzly white dudes).
If you're not ready to settle into your computer chair with a bowl of microwave popcorn and watch the video above. I left the trailer for the Lee's first video game story below. Here, you can get a sense of the characters, what the narrative arcs actually are, and the type of "seriousness" that I mentioned a little earlier.