A major shortcoming of FIFA - and I'm thinking of this in terms of CM and player development but it is equally relevant to Personality+ and other aspects of player representation and performance - is the lack of an emotional attachment between you and your players. Or if there is an attachment, it is far weaker than it could and should be. I don't think any veteran of both PES and FIFA wouldn't argue that player personality/individuality as well as creating an emotional connection to the players has traditionally been a strength in PES and a relative weakness in FIFA.
What hasn't been alluded to enough is how player growth in CM (and ML) is not just a feature to replicate the real-world progression (or regression) of players, but it's also about providing a critical link between you and your club. The first role - to simulate realistic changes in player skills and abilities - is debated endlessly on all the forums: player growth is too slow or too fast; young players don't grow or don't grow quick enough; the way players develop relative to match performances is not calibrated correctly; players should develop even if not playing every match; etc. What frequently is missing from the discussion, however, is player growth's impact on your connection to the game - on how much you care for the characters in the story.
Management-type modes (MM; CM; ML) in essence are story-modes, or RPGs. They shine not necassarily when the math behind transfers, wages, or player growth is realistic, but when they provide sufficient levels of immersion, drama, attachment, and emotion. PES's ML is the perfect example of this. Do ML fans wish it weren't so quirky or unrealistic at times? Of course many do. But ML has legendary status among football gaming fans because of its level of immersion and the story it tells.
In my opinion the problem in recent years with FIFA's MM and now CM - and to an extent its gameplay - is that while the focus on game development has been to get the math "right" and eliminate the most egregious offenders of realism and logic, there has been little to no, and I would argue even a regression, in the areas of immersion, emotion, etc. In recent years Rutter, Marcel, and the devs have said that these changes have been necessary to make MM/CM better simulate the footballing world, but all the while they have inadvertently been stripping away what little heart the game mode had.
Many people, for example, disliked manual growth and thought it was a good move to remove it in FIFA 10 (*cough* even though it was only an option that had no influence on your MM unless you chose to turn off auto-growth *cough*). I however saw it as a regression, but I don't think until this year's CM did I really understand why my input into player development mattered so much. It wasn't because I distrusted the math running the auto-growth feature or thought that I would develop my players more realistically (I'm certainly guilty of exploiting manual growth somewhat, exaggerating some areas of growth -speed demon anyone? - but hey, it's my game, it doesn't affect you, so piss off). No, the reason why I miss manual growth is because of the connection it helped to build between me and my players.
With manual growth I looked forward to not only micro-managing player XP allotment like I had OCD, but it gave the feeling of being along for the ride with each individual player as he evolved, and I came to be familiar with my players in ways I have not since the feature was removed - I don't "know" my players like I used to. This type of emotion, and connection to my club, has gone missing in FIFA. Surely re-establishing a soul and a greater sense of immersion to CM - and, again, gameplay - should be a, if not the, top priority.
I do not mean to imply that adding back manual growth is a cure-all fix for CM, though I do believe some user-input element would be a massive boost to CM's levels of fun and immersion (while improving how player development is displayed is critical too.). Some people like to point out that manual growth ruined 09's MM, however what was screwed-up in 09 was the speed at which players accumulated XP (which was then too slow in 10 but had been quite good in 08, arguably the best MM in recent memory). This just goes to show that while adding more user participation in CM should be a priority, the math behind the secenes cannot be totally unrealistic.
In the end, what I've realized after returning to FIFA and CM this week, is that while FIFA does many things very well it is near bereft of emotional connections. There is a sense of drama and soul that is missing from especially CM but gameplay too. When it comes to FIFA 11, ultimately I just don't give a shit. Fixing momentum, defending, collisions and other elements of gameplay is a must, but FIFA is also in dire need of some soul.
I'm not sure how to go about adding "soul" to gameplay - maybe there already is a soul to gameplay in its overly physical nature and I just wish it were different - but I do think a user-input player growth system, among other features like form, are necessary to not only better simulate the real footballing world but to just as importantly create that level of emotional connection that is sorely missing at the moment from FIFA. In the end it's not enough for my players to develop realistically, I have to care that they develop at all.