An improvement, but not a massive one.
Gameplay: Not very much difference from 06, which means that it's still pretty bad. It's good for a while, but as you play more and more you will relaise that there's been hardly any change at all.
Graphics: EA nails the presentaion again, great menus, kits, stadiums and player models. the animation is also superb.
Sound: A very good soundtrack put together by EA, good crown chants and some solid commentary. Overall it sounds very good.
Value: A lot to do overall. Tournaments, exhibition matches, ponline play and a somewhat flawed manager mode. All of this will take you a while.
So, is this better than last year? The short answer is yes. Is it better than PES? NOT A CHANCE!