This game's been out since about 2001(?) and It's friggin' amazing.
It a space sim where you control your own ship, buy stations, fight pirates (Or be one yourself trading illegal goods, and fighting police officers. Literally.)
There are 6 different empires, spanding out over a vast 120+ sectors with 2 very hostle races that will attack anything no matter how strong it is and some sectors controlled by pirates.
I don't remember exactly how many ship models are out there, but there are if I remember right, 7 different types of ships, ranging from the small scout M5, the corvette carrier M6(Which even though by the name 'Corvette', they aren't fast and con hold only one M5), to the all-powerful M2 and the carrier-class M1.
With many types of weapons and missles, there's always different strategies on where to put what cannons or lasers for which ships. I mean, you can't just go around and put a friggin' large cannon which can nearly 2-shot an M3 heavy fighter onto an M5, right? (Actually, to make it more clear, you can't even put any large cannons on an M5.)
My review for this game is a 10 out of 10. Very good game all around.
Pros:
Each race have unique ship designs for each type.
Own the Competition: No limit to how many stations you can place into one sector. You can even control the galactic market with enough factories.
Reputation system: Help an empire or fight againest them. It's your call.
Play in first or 3rd person. Even switch to the camera of whatever your targeting.
AI ships learn your tactics.
Different mods you can put in which can add races, ships, ship types, and more.
Cons:
Territory doesn't change as you destroy another empire's ships and factories in the same sector.
You can't choose your race when you start.
Storyline gets boring after a while until it begins to pick up at the end.
Money is hard to come by at the beginning, but there is a quick to get money on the second mission.
EDIT: Grammar fixes.