UT (ultimate team) is a card based version of PES's Master League. Basically, you download the add on, then get given a team of 20-odd Bronze players.
Bronze players are rated 34 to 64, Silver 65 to 74 and Gold 75+.
Basically all players, have favoured formations and positions, all of which are editable by purchasing cards.
The currency is coins, which can be earned by playing games, selling players or buying card packs. You can buy packs using earned currency or by buying them through PSN/Xbox Live.
Essentially, you build a dream team that has chemistry (determined by formation, position, nationality, club teams and league - i.e using an all english team playing in the PL would give good chemistry if all playing correct position and formation). Every week then in form players are released (for example, 96 Ronaldo got released this week on Fifa 10 UT) so you can rebuild your team and such to play in tournaments against others online.
Hope this clears up. Its free, and well worth a go. Very Addictive.
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