Not as detailled as the PC version, think Championship managr 97/98 and you will be closer to the PSP version. I am as addicted as ever though and have throually enjoyed playing through my 25 or so seasons so far.
It is cheap at play.com i think but there is a new one coming out before the end of the year and i am not sure if they are going to release an update for the current one.
Just won the champions league with Brighton in the 5th season.
Can't go wrong with 3-5-2 and after a couple of seasons new players appear on freebies who are absolute class (e.g. got a 18 year old striker called Tom Mitchell, now worth £25 mil).