Once you start your dynasty you can go and edit any coach's name, including yourself. Then you can move around, take offers, etc. just like the PS2 version.
Recruiting is a lot more in depth on the PS3. Use the quick call method the first one or two weeks as it unlocks the player's interest pretty quick. Each player has a "Most" and two "Very High" interests. Find those and pitch them hard. It also helps to sway a recruit's interest in your area of strength if they don't like it. Example, if Location is Elite and he's not that interested, definitely try to sway it.
Also, you have to rank the kids you want the most very high. This is particularly true for 5* and 4* kids. If you want a 5* kid you better have him in your Top 5 if not Top 3. Of course the bigger schools make this easier.