I simmed to the end of the 2009/10 season and won the treble!
Odd semi matchups in the ECC (Champions League), i played Aston Villa in my semi, the other was between Werder Bremen and Man City...hmm. I played the final against Man City and won 3-0 (i guess their Arab owners couldn't make their 3-year plan work out in 2 years
). I can confirm the ECC final was played at a neutral stadium - the "Stadio Generico" lol, it had a running track around it - but the game was played during the day (as was the match against Gala earlier)...ALL European games are played during night in real life
This season though, Arsenal and Liverpool finished in the top three with Spurs coming fourth...Chelsea finished low again at 8th. The three that were promoted - Derby, Soton and Reading - went straight back down, but at least totally new teams came up: QPR, Crystal Palace and Wolves. Although for some reason, QPR's Dexter Blackstock was named Player of the Season, despite not playing in the EPL this particular season
Starting my 2010/11 season, guess who's back on the transfer market - Cristiano Ronaldo, @ $81million. He ended up signing with Werder Bremen...
Anyway, in conclusion, if you want realism, its probably better to play in an isolated league. I'm doing so in the A-League where there is no promotion/relegation nor any inter-league competitions, totally ignoring what transfers are going on because i'll never play those teams anyway. If you play in a top European league and expect something realistic in terms of CPU transfers and getting to face exciting new lineups after each year, you'll be disappointed.
It might be better to play in Tournament mode and make up your own transfers for each successive season (maybe base them on feasible real life rumours or failed sales, for example) making sure to edit the teams' starting lineup before each new season so that they'll use them in that mode, then play the next season in Custom leagues (so you can add new teams to simulate promotion/relegation). The only issue there is there is no player development in Tournament/Custom mode, so you'd have to either ignore it or take the time and effort to simulate that too my manually editing players.