I really loved Andreas Amann's Football widget and have had it on my dashboard for months now. I've just been trying out this Basketball widget for a little bit now, but it's really nice too. Switches easily between Standings / Scoreboard. Stats for a game pop-up nicely on mouse-over, detailed standings for a specific team pop-up on mouse-over for the Standings view. I like the favorite team selection as well, of course. I haven't tried it when games were going on to see how live updating works, but I'm guessing it will be fine. If you're into basketball, I highly recommend it. If you like Football, check out this Dev's widget. Same goes for Baseball or Hockey.