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is the regeneration of players constant
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Yes, the FM PSP game uses a similar system to our older third series of management sims and has a constant number of players present in the game database.
The actual 'active' players can vary by between 5-10% at any point during play because some players might be awaiting regeneration rather than active.
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very little players through youth
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Some players will be promoted from your youth squad sporadically, generally this is around 2-3 every couple of seasons when I play but it will vary somewhat according to team and circumstance.
Obviously for these players to be promoted you MUST have space in your squad for them.
Currently you can't view the international squad or competitions. Players do however recieve caps and you are updated on competition results etc. as appropriate.
You can scout players pretty much as per CM3. To scout for specific types apply filters to the player list returned.