From what I've played of the LMA series, this is the best.
Gameplay
Perhaps the weakest part of the game is its..erm...'navigationability.' Fans of the series will know that R1 and L1 cycles through your primary menu, while R2 and L2 cycles through your secondary menu. This isn't an easy system to get used to by any means, and even though the layout is similar to previous LMA games it still take quite some time to find your way around and remember where each page is. Say you quickly want to organize a transfer as you're being summoned for dinner - not possible. Just finding the right page is hard enough, pressing the shoulder buttons furiously until you find the transfers page, then pressing circle, scrolling down a little to find the player you want, pressing circle again, then square to check his stats, goodness know what else to make an offer for him...and by that point your dinner's cold. Once you've successfully adjusted your tactics and finally have a match underway though, it gets relatively easy from there.
Graphics
This aspect of the game really impressed me. O.K, so the menu pages aren't much to look at, but watching a match is nice. It's not exactly up to the standards of the FIFA and Pro Evolution games, but this isn't about what takes place on the pitch. Players, while limited (it's possible that at least three players in your team look identical) look good close up, and they 'flow' well on the pitch. Previously it looked like a bunch of toy soldiers were having a game of football, but now they look human. You get to see cut scenes of your players and manager (you) celebrating after a goal, and swearing at the ref when things go wrong among other things. These are nice touches indeed, and although not essential it's nice to see a management game have decent graphics.
Sound
LMA Manager has above average sound effects as well as crowd noises. They boo when the opposition scores, and go wild when their team knocks one in the back of the net. There isn't any music to speak of (other than some Snow Patrol song on the opening screen), but overall sound and effects are adequate.
Value
I paid £35 for this, and to be honest there are better options for your money, particularly if you have a PC. Football Manager 2006 can be bought for a tenner now, and the 2007 version, while £30, will keep you entertained for months. This game however is only really worth buying if you don't have the option of a PC, and also if you haven't bought an LMA game for several years.