I use the same 3-5-2 formation I have used since first playing ISS PE.
2 strikers, an OMF just under them in the middle, two wmfs, and two DMFs in front of my back line. In this formation, the DMFs are crucial; they must have many skills, and you should have depth on the roster at this position because these players are responsible for many tasks, and they get exhausted often.
Up front I have my two strikers, one of whom is purely to score (like an Mboma or Batistuta in ISS), the other should have high stamina and decent defensive skill (for a striker). I use the strikers to angle my opponent toward a wing, where I look for a potential trap with either the OMF closing in the middle, or the WMF pushing up, or both. The key is to slow the ball down, and set up a clean tackle from a good angle. I usually only place MFs with at least a 40+ defensive rating on my wings and at OMF. I prefer 48+. You may lose a little offense, but if you collect the right DMFs and SBs you can compensate. The OMF, while a great passer, must have high stamina. The key is to trap, tackle, and counter.
The DMFs are very important because should the attacker elude the initial traps (along the sideline, near the half-line), they have to have the speed to close down the angle on the potential cross or the agility to keep a good dribbler in front until the other midfielders recover and regroup. I also want them to be tall and solid in the air because sometimes an opponent will attempt to pass over the sideline traps. Should the opponent manage to get through down the wing I am looking to stop ball - in this situation I only slide tackle with a DMF if it is a sure bet. I use Ndo (Cameroon) in this spot, usually teamed with another aggressive DMF. Veira or Keane would work well too, but I like to build my teams from unsigned players. I want my DMFs to have good dribbling and attacking skills so should they pick up a loose ball, make an interception or clean tackle or win a ball in the air, they can initiate a quick counter attack through either the air or by carrying the ball.
My sidebacks are smaller and quicker, with limited attack skills, strong defense and average to above average dribbling and passing skills. They have to close down rapidly if the DMF is beat. Sometimes I use them to slide tackle if I have been beaten as a DMF and I call for help using the square button, but they have to take the correct angle on their own (CPU) since I am still closing from behind with a DMF. Offensively the SBs just need to be able to move the ball to a wing or DMF. I use players like Hedjuk (USA), Soto (Peru) and John Terry in this role. At CBT I like size, defensive ability and air power.
In sum, the primary objective is to be patient and hold angles, letting the attacker move himself into a difficult spot, either through inpatience, lack of skill, or me pushing him there. Then, spring the shutdown pressure to force a bad pass or overzealous dribble attempt, dispossess and counter. Or, if I have a lead, patiently move the ball until I find a gap. This strategy really frustrates impatient, run-and-gun opponents. All you really want to do is make them uncomfortable and stop their rhythm. Make it ugly. Keep the man in front, and use the X button to break their possession. Also, if a 50/50 ball is loose, and you have a safe angle, slide to it and push it to a teamate. Be patient, and, if no counter attack is available, go backwards and switch the ball.