Master of Orion 3D
The other part of the game is building up your research. Channeling it into certain areas gives you greater abilities there. After you've been through the research tree once, there's not alot of incentive to do it again.
The ship builder function enables you to design your own ship and customize its look, although with as many design iterations as you're likely to make, its more about just getting as many guns and shields on there as you can fit. Graphics are adequate but nothing fantastic.
The game is fun, but it's such a clone of games that have come before it that I can't recommend the title unless this is your first foray into this type of gameplay.