Well, I enjoy it. It is one but one small aspect of the game which EA have greatly improved on from last year's iteration. I've also done it as an experiment to see how things change (or not) a fair few years' in and whether or not it makes a difference if your overall squad is rated as, say, 4 1/2* who you put in the first team.
Several things I have pretty much concluded from doing this are:
1. Essentially, how all the teams are rated at the start is where they stay regardless, e.g. you will never see a Chelsea or a Man Utd being relegated unless you're in charge of them yourself.
2. As a consequence of 1., the same very small group of teams are always promoted and relegated (most easy to see in the English leagues as they have two more divisions than any of the others). You could argue that this happens in real life but I would point to the example of Blackpool's surging late-season push for the Championship play-offs in 2009/2010 as an instance where a team defied the odds.
3. Usually once a season, a team in your league will be taken over at complete random. They will have a cash injection of over £100m but it won't have any visible effect on where they finish regardless of who they buy in the transfer window, particularly if they are in the mid-table area, cf. 2.
4. Even on normal Pro difficulty, the board have somewhat high expectations of your team. After surviving relegation on the final day from the Premier League but winning the FA Cup, I was expected both to win the Europa League and league title the very next season with next to nothing in the way of a transfer and wage budget.
In spite of these issues, it still is a lot better than the one in 11 but clearly still a work-in-progress.