I remember this from a year or two ago being stuffed with bugs and poor UI choices, but surprisingly sharp graphics. I also seem to recall that there was literally nothing to do...
Hm. So has much changed since then?
I play on a semi-frequent basis. There aren't any major bugs that I know of, although a major update was just released (this morning in fact), so there will probably be a host of bug squashing to be performed. I've been playing for a while so far today and haven't had really any major issues. As for much to do, there is more than I'm sure there was when you played, but still not full gameplay at the moment. You can create as many planets as you want within the galaxy, but right now you can only seed one planet of your choosing with life. This planet becomes the capital of your empire. Fleets aren't far from being implemented, as planetary based ships were just put in in this update today for moving resources around to various buildings on a given planet. After fleets are implemented you'll be able to colonize other planets.
Also, currently on your planet you have to manage resources to build up population and build buildings. There are a number of resources, but I can't list them all to you just yet. Jatt (the developer) reworked a lot of the resources and their chains in this update and I haven't gotten to where I can report on them.
Population is limited at 50 until you build housing. Population performs jobs and such but requires food. So your population can hand-refine materials (low efficiency) until you can build factories for them, as well as farms and such. After that, you can automate production of resources but you still have to come on and command the construction of buildings.
Hope that answered the question! If not, let me know.