I've now simmed a few different seasons (slow evening here!) and also saved just before the re-signing of the free agents period and ran that through a few times. I'm still seeing some dodgy trades throughout the season but mainly at the draft and deadline. While free agency generally plays out differently each time. I.e I've had Kane and Toews both get resigned by Chicago, both get released and had one sign, one released. Once it goes to July 1st, again it plays out differently each time and sometimes big names will be left and sometimes they will get signed (Kane got signed twice by Nashville and left to sit in free agency twice).
There are clearly problems still there and it would be nice to get it fixed but too me it looks like a lot of work will need to be done and will probably be something we'll see listed an an NHL11 feature. It is possible to save after the draft and have it play out again and again until you are satisfied with it but clearly we shouldn't have to do that.
It's a shame as I think the gameplay is great and I do really like the gameplay changes in the patch but the problems with the franchise mode are very frustrating. It's frustrating me to the point where I'm thinking I may try out 2K10 to see what their franchise mode offers.