I live about 20 minutes from the Basketball HOF and head up there a few times a year - my 6 and 3 year old enjoy the interactive experience - it's not overwhelming and easy to see in a hour or two. The prices can be a little steep but usually you can find discounted tickets from a variety of sources - Groupon just had one that was a good deal with tickets about $10 a person - it may still be active.
If you plan on going just once, it's worth stopping in. They don't change the displays very often (if ever) but there are some neat historical items upstairs. There is a large amount of different uniforms from all eras that are fun to look at. As others have mentioned, it's not the Baseball Hall of Fame but it still can be fun.
The Hall has a few restaurants attached that are good - Plan B is a good burger place and Max's Tavern has a nice menu as well. Best bet is to drive about 1/4 mile to Frigo's - long running Italian deli where you have a lot of good, cheap options to fill up your stomach. As I mentioned, the Hall doesn't take that long to see so if you have time to kill, I'd recommend the Lyman & Merrie Wood Museum of Springfield History. I'm not a motorcycle guy but they have impressive collection of Indian Motorcycle artifacts plus other local historical items - fairly inexpensive and well maintained museum.
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