From what I understand, there are not many great basketball games. Fifa and hockey has some quality stuff, but I will let someone else give a specific recommendation. I don't like the legos games because I am a childless bachelor, but everyone I know with kids finds them very enjoyable to play with their children.
you guys are sleeping on XBLA: some gems in there like: Fez Spelunky 'Splosion Man Super Meat Boy Castle Crashers Trials HD/Evolution Monday Night Combat Geometry Wars Shadow Complex Pac-Man CE/DX Torchlight Mark of the Ninja Limbo ...and lots more.
Yeah, I definitely wouldnt sit down and play one of the legos games by myself but it's perfect for us to do together. Right skill level for him and entertaining enough that I enjoy it too.
My kids and I love Castle Crashers. Best game I've downloaded. We played it all day while trapped in the house, and they couldn't get enough.
I actually bought Lego Star Wars for myself. I thought it was fantastic. Not the toughest of games of course, but very clever I thought. Darth Vader pulling out the family polaroid was classic.