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I know it doesn't impact gameplay, but the existence of team/player loyalty as a mangerial attribute is annoying. For one thing, if a manager is loyal to a player who isn't performing well, he's going to get roasted by the fans for it. For another, in a business in which players are not expected to be loyal and owners/chairmen/boards are not expected to be loyal, why should managers be expected to be loyal? I was disappointed that this didn't get tweaked in FM08, although the overall gameplay experience has improved.
Also, I still think the ability of clubs and the media to react to a manager seeking another position is badly exagerrated in FM. In my current game, I was at Finn Harps and applied for the position at Real Salt Lake, and the board immediately demanded my resignation. IRL, the applicant would discuss the matter with the club and the media and current employer wouldn't even know about it until matters were well along.
It seems to me this could be improved without much effort.