All of the "Why the hell are we talking about sports on Slashdot?" commentary above is to be expected... but let's get this established for the record: You people are talking about of your ass.
To the uninitiated, watching basketball can feel tedious and repetetive, with guys running back and forth, making similar looking movements, play being stopped for unfathomable reasons, and so forth. If you experience this sensation, it is because you are a noob. N00B. You are not trained to understand the numerous split-second decisions that are being executed within the span of a 24-second shot clock. Of all professional sports, watching basketball has the steepest learning curve. That is reason #1 why it is the perfect spectator sport for geeks.
This leads to the next point, which is that basketball is the most cognitively demanding of all professional sports for the player as well. Because the game is has a relatively small number of players on each side, and each player faces an ongoing series of 1-on-1 interactions with those players over the course of a quarter, a game, or a season. Good players study detailed scouting reports of their opponents in each game which details their strenghts, weaknesses, and habits. If you are going to defend Steve Novak knowing he is a phenominal 3-point shooter but not good on the dribble drive, then you are going to close in on him so that you can bother his jump shooting. But a guy who has a strong ability to drive will get right past you if you get too close to him on defense. If you're defending a guy like Kobe Bryant who can both shoot and drive, you've got a much harder job. Another player on your team may have to offer "help defense" which means rotating off of his own man to help you defend. That means the NEXT player over on the court has to notice that the help defender has left his own man, and the next guy "rotates" over so that the one guy on the floor being left open is as far away from the ball as possible. If the player on offense then chooses to throw a pass to the open man, the entire defensive lineup needs to rotate back into proper position. Good team defense requires the coordination of a dance team while improvising like jazz musicians. So that's reason #2 for nerds to like basketball. The stereotypical "dumb jock" will not excel in this game.
Actually, I have to cite another example for reason #2 because I know I'm going to get pushback on the notion that people who devote their lives to physical activity might possibly be really smart: Guys who have phenomenal bodies and weak minds can be successful in pro ball assuming they don't get injured... but eventually their limited mental agility makes them predictable, which makes them less effective. "The book" is out on them and they become easy to counter. Once they start getting near 30 years old, they lose their elite athleticism as well and become largely useless. Guys like Kobe Bryant, Tim Duncan, and Ray Allen who continue to be highly effective, star-level players into their mid-30s do so because they have tremendous minds for the game they are playing.
"Moneyball" was largely about using statistical analysis to acquire players who were undervalued by other teams because the old-school methods of player evaluation were unscientific and based on folklore and assumptions regarding pro baseball. Baseball is, in video game parlance, a "turn based" game. It is slow. Everyone has a clearly defined role. The mathematics involved in baseball analytics isn't trivial, but it's roughly akin to "value investing" in financial terms. It's harder than balancing your checkbook but it ain't rocket science. OTOH, basketball analytics really *IS* rocket science. Basketball is chaotic and non-deterministic by nature. Outcomes result from a rapidly cascading series of interrelated events. Quantifying this is possible, but it is really, really hard. The Moneyball revolution has led to many NBA teams hiring and retaining full-time analytics teams where statisticians and data miners vie to determine who should be drafted or traded for. Or which players on the roster should be on the floor together, or kept the hell away from each other. So reason #3 then is that basketball provides endless opportunities for you to argue with people about whose statistical models are good, and whose are total crap.
But hey, don't take my word for it. Or Paul Allen's. Or Malcom Gladwell's. Or MIT. Here's some resources for those who aren't married to their own stereotypes:
Basketball on Paper by Dr. Dean Oliver.
Mathletics by Wayne Winston.
This NY Times article describes how an otherwise anonymous Small Forward named Shane Battier uses careful study of player tendencies to be an indespensible member of his team.
Admittedly, I don't expect to change a lot of minds here. But knee-jerk haters need to STFU.