I like 4-3-2W-1, it's what I've been playing for the last couple of seasons. It doesn't have a lot of counter formations. Mainly 4-4-1-1, which not a lot of managers are playing. Also, 4-3-2W-1 for me is one of the few formations that stands a chance against 4-5-1V.

You need good wingers, as they will be your main scorers (in terms of performance, not just highest quality). You need some solid MC's. With AML/ML and AMR/MR you can easily switch to 4-5-1 flat, or (if you have a DMC) 4-5-1V against tough opponents.

You'd expect to have trouble against formations playing with AMC, since 4-3-2W-1 doesn't have a DMC to counter it. I however don't find it makes that much of a difference.