Can someone please define those arrows next to players names in ISS PE2 in the formation screen. I think it has something to do with tiredness, but I am not sure in what order.

There are 4 arrows and a green dash as far as I know. Can someone tell me what which one means? And their importance? THanks!!!

They show how up for the game the player is - basically a red arrow means several random attribute increases, and orange means fewer attribute increases, the green dash is neutral, the blue arrow means a few attribute decreases, and the white arrow means several attribute decreases.

So you want as many high arrows as you can.

Red arrow pointing north - "Coach, i'm ready to kick some major bootae!!"
Orange arrow pointing north east - "Coach, I'm ready to play today"
Green arrow pointing east - "Coach, I'll play"
Blue arrow pointing south east - "Coach I'm not feeling good today, but if you need me i'll play"
Grey arrow pointin south - "Coach, i'm feeling like Ronaldo in the WC98 finals, i best sit out....*puke*...of this one"

The arrows indicate some attributes that will be reduced for the players. This faq (http://db.gamefaqs.com/console/ps2/file/winning_eleven_5_master_league.txt) says it all.

Would resting the players change that, because sometimes they seem to get a better arrow even after playing the game before. Also, are the "stat bonuses" actually shown on the player stats, or you dont know which ones are better?

You don't see the attributes... and as far as i know whether they played or not last game makes no difference

Yes resting them helps. Rest and whether or not they have a good game. It's not totally a physical attribute, it is mental as well. For example, I can play Kluviert for 4 games in a row in which he scores 7 goals...5th game he is grey...why?...cos i never subbed him in 4 games. Also mental state. I noticed when a player gets a yellow card, next game he is going to go down in his readiness. So it is a combination of both I guess.

When i start a game and i look at the line up i've chosen, i pretty much know who i will want to take out for substitution later in the game. So when I say, okay I have my starting eleven, but a couple are blue...i say are there any replacements for that position? if there are great, use 'em if not play 'em anyways. Depends on who you are playing also. Another trick i do that works is sub players that you think you will need for the next game early...this works (unless you bring 'em out after they just missed a chance :p ). Also when i have a starter that is a blue attribute but he is one of my starts, i play with him anyways and if he has a good game and we are winning, i pull him out early.