This is one reason why it would be really important for us to see the name of the play when watching the game... to know what's going on. It's nice to watch the game, but it's even nicer to understand what is going on in the game. It's really hard to make adjustments when you aren't always sure what play was just run. Just put the name of the play in the corner of the replay... and make different names for different plays, which includes the formation. example... Single Back HB Dive Strong, I Formation HB Dive Strong, etc. etc. Same with defense, and each team can only see their play call. So, when I'm watching my games, I only see my play call on offense and defense.
This way, we know what's going on with our teams, and we are able to make adjustments.
I've asked for this in the past, even did a nice mockup in Photoshop :)
However I don't see the reason to hide the opposing team's play. Think of it like NFL teams watching film on their opponent. They know the exact play call, formation, routes, how it was read etc etc.
That's the biggest challenge of the game.
What would really be great would be to be able to modify our own plays. So take the example of me being able to spot the tendency of my opponent to blitz +2 outside on 3rd and 5 or more I could modify route of my TE to run a 6 yard button hook.