I'd definitely say give the demo a whirl. It's only ~100 meg download.
For all that it's still feels fairly clunky, what I've played of it (said demo) is actually pretty decent. I'd wager it'll at least match Starscape by the time it's actually done, and Starscape would be a definite on my "Games to play sooner or later" list. SS is a solid top-down space shooter type thing with exploration and resource gathering/upgrading components, and SPAZ here is roughly the same sort of game and looks like it's already pretty good, just not "there yet." I'd say something like Starscape plus, what was that called... Space Rangers? Yeah, that's it, especially the second one... is a good way to shoehorn SPAZ into a X-game plus X-game thing.
As for looks, for what it does, I'd rate it a solid A- on my scale of things (which is, uh, probably kinda' out of date. I still think stuff like Diablo and Seiken Densetsu 3 (Aka Secret of Mana 2) look pretty good.), and it looks a lot better moving than it does static, usually. The game itself feels (from the description and demo) a little campish, so to speak, but with a name such as it has, that's not exactly a surprise. Dialogue I've seen isn't exactly Pulitzer material, but it's not 'bad fanfic' level either (punctuation!).
If the game was 5$ now for beta access, with another 5-10$ when it's done for free access to any expansions or content updates (DLCs) (or at least the first wave or two), I would recommend it in a heartbeat. Maybe even a flat 10$/10$. 15$'s too much, imo, for current investment, but if it gets better than it is, it'll probably be about right, maybe even a bit underpriced. Anyway, I wouldn't discount it out of hand without at least dipping into the demo, yeah.