AFAIK there are no new leagues/divisions in FM07 at all.
To compensate however, from my experience of the Conf South in the beta, the player attributes have been scaled down so far that the players at that level now are so truly awful that a lower division would have to go into minus figures!
Even better, on the 2D screen you can see them playing as bad as they ought. In my season 60% of my games were draws, the majority of which were goalless. I had a fair few games with 0 shots on target (either side). Painful to watch on full highlights but delightful to a masochist (which by definition we are!)