Mostly perfect
I've been playing the dynasty mode and I'm in 6th year or something. It's a well-designed feature, but there are a few things that bug me about it.
1) it's very difficult to trade. The computer often puts their best prospect on the trading block and will only accept your best prospect in return. I wish the AI would tell me which players on my team it was interested in. And the computers rarely put pitchers on the trading block.
2) In Spring Training you can play the mini games to improve your players. The Batting Game is WAY too difficult. I rarely even play it because I once got to Round 7 thinking I'd get a +5 bonus or something and came out with +1. Definitely not worth it.
3) there's quite a bit of micro-managing your rosters if you want to keep players happy. If you sign a guy to a MLB Relief contract and he sucks so you send him down to AAA, he'll be unhappy and bring down the Team Chemistry, which helps you win simmed games. At some point the players should realize that if they can't play in the Majors, then they'll be sent down and they shouldn't complain.
4) I'm playing as the Mariners and that is a wealthy team. Many years I'll go through the season 25 million over the salary cap with no way to spend it. I can't keep signing the best free agents, because my team's already rockin'. So all that extra money is kinda useless.
I haven't played the owner mode too much yet, I want to get good at playing first, and owner mode focuses more on the financial side. It's basically the Dynasty mode (for 30 years instead of 120) with money involved.
Oh, and you HAVE to play with a dual analog controller. I bought mine without looking too closely, and it only has one button up on the "shoulder" of the controller. You want to get a controller that has two buttons up there, the game's designed that way. So, get the game, have some fun, get attached to your players you raised from Single A.