It seems to be working 4 me after patch.
After a horrid start (brough in 11 players, took ages to gel and no win in first 10 games) I finsihed a solid 8th with Middlesbrough in my first season and FA cup finalists.
So far in second season I only have one defeat in 13 games including away wins at Chelsea and Tottenham and looking good for champs league.
I have got a lot of players for the future and my chairman has sold Downing and Guardado behind my back so the squad isn't too strong so it's a good achievment.
I've found half time changes vital tho. AI often swaps their centre backs and strikers around at halt time so I adjust mine accordingly to match up quick/tall players to best affect.
Changing formation also seems important. If AI is chasing the game they often go 4 up front. I then make sure my full backs have forward runs set to rarely so they don't get caught out of position and bring in a DMF to sit in front. Seems to work well.
I also go in to games with formation set to 541 and then change it pre match. As others have suggested this seems to reduce the amount of teams setting up so defensively against you.
Having a good target man is key to this formation. He's got to be big, strong and good in the air and the second striker seems to need pace above all else to get on to the flick on's. (I have Alan Smith and Theo Walcott at the moment, looking good together.)
I have also found increasing the width helpful. As this formation depends upon getting crosses in, it makes sense. Since I have done this I have even started to concede less goals, i seem to have more of the ball now giving the opposition less chances.
After originally conceeding too many goals, I made a few changes to the back line. All 4 defenders are on direct passing and away from home I always take forward runs off my full backs. This seems to erradicate errors at the back that lead to goals and with a deep defensive line makes me hard to penetrate (no jokes please).
Anyway, just thought I'd share what my findings have been. As I said, I think the key element is keeping a close eye on the AI formation and changing it accordinly each time so you don't leave any gaps or are over run anywhere and change your individual marking settings too.
Hope this is helpful.