Well, I've been playing the open beta for a few days now. It sure feels and plays like FM and I've read the engine is based on the FM09 match engine.
Gameworlds go live around 20th October, all slightly different dates depending on what gameworld you are in, but only a couple of days between each.
It's hard to tell how good this will be, as everything is so laggy and slow at the moment. They've opened the gameworld up to 3000 managers to stress test the system, so as you can imagine, there's a lot of activity.
I've been enjoying it so far though. Played a few matches, signed someone called van Wolfswinkel. The transfer system is great. Everyone competing for the best players. You have a skills system that you need to build up, and the interaction with other managers is excellent.
I'll post up some screen shots if you're interested..