Here we go. First off, I've only played one game (well, two, but the first one I accidentally surrendered to a minor race right next to my system and lost on turn 3). I haven't finished it yet (work! arrrgggh!), but I already love the game and have some suggestions. Here's the run down:
Sound 4/5 - Hopefully, I'm not missing out from bugs or something, but I only have two complaints in this area. Number 1; the buttons and dialogue windows need more sound in my opinion. Or more noticable sounds. Birth of the Federation is one of my more favorite Space Civ games and everything in it had a sound. Button presses, alerts, pre-combat, and so on. I think more of that would help (this is assuming it doesn't exist, I hear none on my end... but I do hear sound of ships fighting and stuff...). The only other thing I can think of this front is the ship's engines. As nerdy as it may be, I loved how Homeworld's ship engines hummed when you zoomed in far enough. Since we can zoom in in and out of battles, give those ships some hyperspace hum!

In other aspects, the sound is great. The soundtrack is amazing and the weapons sound like weapons.
Gameplay 5/5 - Worst part here is the overwhelmingness if you don't read the tutorials. Otherwise, I'm addicted. I went to bed no earlier than 4 am last night.

You guys are great. It plays smooth and easy, like silk.
Graphics 4.5/5 - You guys hit home here - almost. I don't know if this is my own graphical problems (which I don't think I have any of..) would be a part of this, because I thought someone said there were engine trails. I thought there was an option to turn up their detail. With all my settings on and maxed, I don't see any. I think they'd add a lot to the already pretty ships.
AI 5/5 - Woo! I tell you what. The AI know how to play. I was totally outclassed - the Civ 4 AI is easily used. Change religion, civics, send them a tech, and they're permanent allies. Easy come, easy go. But this AI actually messed with me, I messed with them, and it was fun. I mass colonized a huge area, like 13 planets. Got waaay to big for my britches. I never built any defensive ships at all. All I had was constructors making some star bases. The Arceans met me and quickly declared war calling my military might laughably pathetic. So I went and had every planet with a port build my first gen fighter/defender. Every planet had two orbitting them when I was done and I quickly switched to my offensive medium ships. I had two fleets of three by the time a real Arcean force showed up and I took out a fleet of their fighters. The rest quickly turned tail and the Arceans wanted to make peace. Apparently, I had them outclassed in military tech and they had shields versus my mass drivers. Of course, later the Drengin and them allied against me and I was slowly but stubbornly reduced to Snathi II, which died.
GREAT game. I look forward to the collector's goods and future patches and updates. And with how good this is, I can't imagine how well you'll remake Master of Magic once that legal bologne is done. Keep it up, guys. My compliments to the chef - Nay, the entire kitchen!