I like this idea. I'm not on PS3 like most of you guys and am instead 360, but I like the idea of a little league, played through the online exhibition mode and it could probably rack up enough activity for all formats (PS3 and 360, not sure regarding PC). It'd depend on the activity and how many people were up for it though. Could it be possible to maybe even do something like every person picking something like three teams each...one top rated team (I.E Madrid, Barca, United, City, Chelsea etc), one upper card team (I.E Liverpool, Juventus, Arsenal, Valencia, Udinese, Spurs etc) and a more midcard to lowcard team (I.E possibly Villa, Villarreal, Stoke, PSV, Fulham etc), of course more teams from different leagues, but you get the gist hopefully. Not sure if it'd work, but just something that came to me. It'd just be much more fun to use a variation of teams rather than just the top teams, but it'd also give you the chance to use the top teams too, so you'd have a mixture.
Personally I'd be up for teams outside of the real big ones anyway.