What i'd like in future version is the capacity to really mould your managerial personality, and for the personalities of other club managers to be inline with how we see them in the media. I have no idea how, but at the moment it's quite generic.
Also i was thinking today about being able to choose your managerial history with better accuracy. ~For instance, we are given options that can determine our standing in the game. So instead of being a newbie manager taking over Real Madrid which is not realistic, you have to choose an club that relates to your standing in the game.
You can choose, before the game starts, to be a complete newbie at managment yet perhaps be a well known coach/ass manager in the industry already, and so this limits the types of jobs you can go after- Man utd would not employ you, but Preston might. Or you can choose to be a internationally famous megastar manager like Jose, who has won in Europe and lot's of titles- Thus, Manchester Utd most definatley would employ you, and the players at the club would respond accordingly, and it'd be easier to attract players. It would never explicitly state your history, but you can assume you managed a major clubs or clubs somewhere in europe, although these are never disclosed. There should be various options like these to choose from, and therefore you can start creating who you want to be in the managment game. Perhaps a journeyman option, where you have managed in many different leagues but never settled, or a promisng young english manager option and so on....
People may say this takes the challenge out of the game, but really we should have the choice. If someone wants to be a Mourinho, then that is there choice and would not make the game easier per se. If someone wants a challenge then choose a lowly option and see which clubs will have you and then build your reputation if you can.
Plus greater and more organic interaction with other managers, so in a way you can play mind games etc, and obviously better press interaction, which agaian is generic at this stage of FM evolution!