You can trade CAW's with other people over Live. I've been avoiding coverage so I don't know if that was covered before, but i'm really hyped about it.
Regarding facepaint/outfits/entrances.. I remember a few specifics. Entrances, there's about 25 normal ones.. in one, the guy comes out with a sack over his shoulder (Jake the Snake). Hurricane's entrance is one. Scott Hall's entrance is another. Ultimate Warrior's entrance is in.
Regarding CAW parts.. I specifically remember Warrior's facepaint (but you'd have to play around a bit with the colors), Brian Christopher's orange pants, Jericho's old pants with the random designs (think WCW days.. kinda like
this. Chyna's pants and chain thing over her chest. Sable's black leather outfit. Hawk and Animal's facepaint. I'll try to remember more, i'll play it after class and go through it more thoroughly.
In season mode, two of the titles you can purchase are the nWo title and the smoking skull belt.