I played two online games this morning and both were good enough, a little bit of jerko-lag here and there (lasting 1 second), but everything else was all good. The lag didn't really bother me or affect play, but of course this is still crap. Note - you need to make sure your NAT is open or you cannot play any games.
As for the offline game, it's not got that 'New Pes' feeling that other ones have had in the past. Everything is familar and slightly stale, the dive move plus a few animations is the only noticable new things. The game is as quick as the demo, if not more imo. No PES Points or Pes Shop.
Master League has a couple of changes regarding intial team player selection - ie you can start with the normal team and 'buy' any player as long as their wages are under 1000 - no negotiations needed. I didn't do this as it felt like cheating.
Commentry is really good for once, still some weird phrases, Mark Lawrenson's part is awful and he has read his lines like a 14 year old GCSE student doing his first public reading. I have had no slow-down apart from minor instances in ref cut scenes and goal replays.
Overal comment from me - no progression, faster attacking with the abilty to start counter attacks easier, boring dull graphics.
I really wouldn't recommended this game to anyone unless they are PES die-hard, or are looking to play PES on their 360 as this is much better than last years 360 version.