Think the game is a bit too easy in England, at least for the first season. I've managed to get to January with Fulham in the Europa league spots, beating most of the big boys and having a lot of draws.
The challenges are better with mid-level clubs in lesser leagues. Valencia has been quite a difficult challenge, both financially, and getting the players to perform to the level they should. Sporting Lisbon and Anderlecht have also been fun ones, where I haven't been able to run away at the top yet.