It will take some time for it to really sink in regarding the no tolerance for obstruction style play, but the teams are adapting.
As far as the shootout, well, its either have a shootout or a tie game, neither is a great outcome, but at least now you have a winner. The teams get 3 periods and a 5 min OT period to get a winning goal.
As for it being "basketball", I dont think so. To be a great team you need to be able to pass the puck, and somebody has to be there to receive it on the other end. There is still strategy.
I think overall it looks much more like Olympic speed hockey, and in the long run will be more talent orientated, and interesting. There will still be bumps in the road, and its only been 2 days so far of regular season play...