Hey ScriptWolf,
I was skeptical about the game too. I've tried most space 4Xs out there are one point or another, and they're good for a few playthroughs. My favourite was GalCiv 2 + expansions.
What I have to say about this game is that it takes things down to bare essentials. It's sleek, good-looking, intuitive and streamlined... it works. It doesn't complicate more where it doesn't need to, such as GalCiv2's ship customization, where you can place all the weapons, and at the slightest weapon upgrade, off you go switching all the lasers... or engines... or shields... everytime..... ugh! Or the planetary system, with individual tiles/positions, with bonus in single tiles, tons of different buildings......
Here, ships have X of each ship subsystem (weapons, defensive equipment, support modules of different kinds). If you get a new version, go into the designer, press auto-upgrade, you're done. Each system has a small number of planets that you can colonise. They have base values, and a type that gives bonuses to certain things (production, research, money, ...). All you do is choose a specialisation for each planet. That's it.
It leaves you room to develop and implement many different strategies and the military, "geographic" and civilian level, without lots of fluff and useless micromanagement. Again, the word streamlined comes to mind.
I really like it, but it's in alpha stage, and if it doesn't develop much beyond what is already there (in particular diplomacy), I'll be disappointed. It's already a good game, but still has huge potential. I really feel it's going to be a great no-bullshit type of 4X.