It's actually very good, I've been playing it for a few days now.. It's indie so there are some strange features, but it's a very polished diamond in the rough..
It's basically what Masters of Orion 3 tried to be. So if you like Galactic Civ 2, MOO or any of the other 4x space builder games, then it's a definite hit.
The only minus is that both combat and diplomacy are a little underwhelming - especially diplomacy. An interesting feature is that you start at "cold war" with newly met races, which means you can attack their ships and outposts without any serious penalty and vice versa - so early game there are a lot of small skirmishes, which brings us to combat, which is a 3 stage thing where you play cards at each phase which affects the outcome (like repairing your ships or hacking the enemy ships so they are less accurate) and the enemy also plays cards, it's kinda rock-paper-scissor'ish) - it's fun at first, but it gets boring after the 20th time.