I've been waiting for this one too, downloaded the demo and toyed with it a bit.

First impressions are mostly positive, though some areas could use improvement. Mostly convenience-related stuff such as reviewing weapon stats from ship design screen, the ability to see ship damage in tactical battles, better tooltips and things like that. The research interface feels... wobbly and unfinished, for lack of better words. Oh, and the circling planet selector thingie is annoying. And... why a 3-D galaxy? Seems like unnecessary complexity for a fast-paced multiplayer 4X game.

Other than those, looks like a potential candidate for Total War in space. I've been waiting for a game like this since... well, since the existence of the 4X genre.