It is similar. It isn't as free flowing, slightly more players (7), but they are only allowed in certain areas of the pitch, which means only two players can actually score, as you must be in a certain area to score. You can't move with the ball (actually I think you might be allowed to take a pace or two when you recieve the ball).
You can plant a foot, and then step with the other foot. You must dispose of the ball within 3 seconds of receiving it. Played at the top level it is probably more free flowing than basketball, as players must keep passing, and because players are restricted as to where on the court they can go, you cannot do a zone defence. It is far and away the largest women's sport in Australia, and probably in New Zealand as well. Australia has a national league which has a free- to-air TV contract (something that men's basketball doesn't). Australia is the top team in the world, closely followed by NZ, who they beat in double overtime for the gold medal at the Commonwealth Games.