Very entertaining, but some features limit the game's appeal
First the tech tree is kinda lame. It seems like they really didn't spend much creative effort coming up with them (Sensors, Sensors II, Sensors III, etc). How boring!
Second, this game is HARD. That is, it seems hard, until you realize that there is only one strategy that you must follow: rush build colony ships and colonize all the habitable planets before your enemies do. Whoever has the most planets wins. Period. The victor is pretty much decided after about ten turns, when the whole galaxy has been claimed. This makes the rest of the strategy sort of moot. The number of planets your race controls is just too strong of a determinant of success.
I don't know anyone that has been able to beat the "seige" mission in the campaign. Your main enemy can conquer any planet with just 10 troops! That's just ridiculous.
Finally, ships are a lot harder to build and maintain than the fleets of 100's that you could build in Masters of Orion.
Otherwise, this game is very fun and I will continue to play it