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Personally im quite dissapointed with FMH , im not sure if its me or the game, i absolutely love FM though, i never come off it on my laptop but i just cant get into the handheld version i bought it played it twice and it sits in the box i still pick it up time to time but just cant get into it.
I had the same feeling. I think it's to do with the depth that you expect out of the game when you are used to the PC version - FMH does appear very light in comparison. I'm in my fourth season now and it is beginning to grow on me. I usually play as a LLM but, having applied my way up to QPR in the championship, I'm finding it a lot more interesting. That's probably the biggest difference I am finding, that I get more out of the game by being a big club (well, comparatively big!) in the handheld version - personally, I put it down to FMH not being detailed enough to allow you to really enjoy LLM.
Its not 'meant' to be the PC game and is a somewhat different experience so might take some people a while to get used to - especially if they're into LLM and micro-manage a lot on the PC.
IMHO its a good game in its own right, just tailored more to the handheld experience than a full PC version would be obviously.
The version this year is a bit more 'in depth' however it still retains the speed and ease of play which imho are essential for a PSP game.
football manager on the psp was the first football manager i got and i can't put it down it is just amazing but i hear how much more detail is in the pc version so i also thinks thats where your down sides to it is
FM Handheld... 
Linear Mode
