OK, I've now played both demos, and PES gets my vote this year. I personally don't care about the licensing. The vast majority of the players names are still the same, it's just the team names that change. If you really do care there are plenty of patches/mods you can download to fix the names.
In FM2011 so far managing Arsenal, I have: Akinfeev Criscito-Lugano-Vermaelen-Sagna Song-Fabregas Hazard Nasri Benzema-Van Persie Tried signing Messi but the little Cvnt wants a $450,000 per week contract, Hazard and Nasri rape fullbacks.