I played my first few seasons of franchise mode, and it's definitely an improvement. The salary cap increases quite a bit(maybe...too much) each season, there are actually decent prospects after the first couple of years(well, I've only been in 3 drafts, so this is subject to change, but Buffalo just drafted a guy number 1 overall who has franchise potential and is 83 overall on draft day so he's going to be unreal). The computer does a better job hanging on to their core players. Contract negotiations are better. If a player doesn't want an extension, you have to overpay him pretty heavily to keep him, and even then sometimes they won't sign. It's much easier(cheaper, I guess is a better way to say it) to sign your own guys than sign guys in free agency, which is realistic. Teams offer reasonable deals based around your trade block, and they don't seem to offer the exact same trade multiple times a season like they used to, but there are definitely repeats every once in a while. Age and contract seem to matter quite a lot in trade value. For instance, Zach Parise in my save is like 83 overall with that massive contract and he has very little value, as he should.
It seems like prospect development is slowed down a bit compared to previous years, and that their performance doesn't really matter in terms of how they grow. I almost never have anyone gain any "statistical growth", it's almost always "natural growth". Had a guy who was like 55 overall low elite potential that I picked up super late in the draft. I played him on the fourth line in the AHL, and he was on the second PP unit. He had something like 8 points in 60ish games, but the following season he jumped up to 74 overall. Other prospects have had much better seasons and not improve at all. Still trying to figure it out(if there is a way to figure it out).
Overall I can say I'm finally enjoying a Gm mode for the first time in this console generation. I still don't play with the Owner Mode or Morale on because that's just not part of the game I enjoy, but I'm thrilled they have the option to turn them completely off. Much more enjoyable for me, and it doesn't hurt people who actually like playing with those features. Perfect balance.