Universe mode is similar to Smackdown game's season mode ages back.
Pros :
1) Match creator option in universe mode enables you to modify the match like steel cage, hell in the cell etc in last moment.
2) Match modes are satisfactory.
3) AI has been enhanced comparatively
4) Database system to record rankings and schedule the clash accordingly. [ Similar to Smackdown game ]
Cons :
1) In universe mode, it could have been better if they had implemented that news section with cut scenes instead of the text appearing in the main menu.
2) Enhance of AI shouldn't have reflected in regaining of momentum for AI very fast after giving 3-5 finishers. But Oh well, not to forget to turn ON the stamina system/blood system in options. If it remains OFF, AI will immediately bounce back otherway despite the finisher given.
3) In universe mode, there should have been a option to interrupt or referee the other matches instead of just simulating them.
4) AI's smartness is somewhat failing when comes to first blood match. It's damn easy to win AI by repeated hitting with steel steps.
5) Last man standing should have been implemented bit tougher. If you manage to hit AI with continuous strikes and couple of finishers, AI will never get up. It's too easy to win last man standing in less than 5 minutes.
My Conclusion :
It is definitely a massive improvement from previous series, but am sure there is plenty of room still to make it the best.