I have been watching a lot of FIBA basketball, and I personally don't have a problem with them playing with slightly different rules. After the tournament they are changing several aspects, including the shape of the key, the distance of the 3-point line, and the addition of a semi-circle under the basket.
The FIBA game is never going to be perfectly 100% interchangeable with the American game. The court dimensions are never going to be the same (metric system doesn't measure out to 94 feet perfectly). They rules are going to encourage a playing style that allows less talented players to compete with better ones. You have to remember that, though we use the word "Euroleague" a lot, there is no one league. There are scores of leagues in dozens of countries. That leads to a talent pool that is so far watered down that it would be as if NBA teams and college teams played in the same league.
The 'club' system that is used in professional sports in Europe is much different than the 'franchise' system that we use over here. It allows certain teams with deep pockets to scoop up the best talent with no consideration, like draft picks or profit sharing, for the smaller teams. It is a goal of FIBA in Europe to allow the smaller teams to compete better with the bigger ones, so the hand checking and physical play that lets less skilled players compete with more skilled players is an economic and political advantage in Europe.
Now, I don't agree with FIBA telling us that we should change our rules. The NBA has done a lot since its inception to create new rules that help the game (shot clock, 3-point line, 3-second rule to name a few). I have no doubt that the commissioner's office is constantly analyzing every problem with the league and trying to find a reasonable solution. We don't need FIBA, whose league operates with substantially different goals and means, making decisions for us.
I guess the crux of my argument is that, while FIBA should not be trying to tell the NBA how to play, we need to understand that the rules differences in European basketball are there to address some real and important differences between the way leagues in America operate and the way the leagues in Europe do.