You control one player in a team. I believe you can start off as a created player in a fake team and rise through the divisions, attracting interest from the big clubs, or you have the option of starting with a real player like Gerrard or Torres and leading your team to glory, i'm sure i read that somewhere. If you play poorly you will be benched, if you continuously play well, you will get a move to a bigger club, and start to win awards like World Player Of The Year etc.
It sounds extremely promising, and from these pics looks great too. I can hardly wait.