How much performance is there in a basketball shoe?

Any shoe enthusiasts care to illuminate the technological advantages of modern basketball shoes? These things are often marketed with a "performance" slant, so I'm curious at whether or not there's anything to substantiate this claim.

Admittedly, I'm not that much of a shoe buff. I just find a nice looking shoe that, preferably, goes well with the rest of the stuff on my closet. Ergo, I may not have acquired the ability to tell the difference between one pair to another.