I'd probably be in a similar boat as Geordie Shore up there if I were to play ML online. I think I only played a couple of matches, and I don't even know why I stopped to be honest.
I might have to really give PES 2011 online another go as it wasn't too bad from what I can remember. There's nothing better at all than building your own team emblem, strip, and developing youth players, truly making it feel like my own club.
If I were to play ML online, I'd develop my 'club' in a similar manner, by bringing in young moderately decent players but focus on their potential. I very rarely bring up the club's youth players as they're fantasy players and obviously develop at alarming rates which doesn't quite represent the realness that I'd like for my club. I want my club I'm developing to feel as authentic as possible, even down to the players I utilise having their own edited boots as part of their 'sponsorship deals'. Ridiculous I know, but it makes the game better to me so a little imagination and creativity is always awesome.