Finally got to mid-game on a huge map, on the slowest research setting. Started hitting a crash every 1 to 2 hours, even with the 2 updates, so I'm not sure I will continue.
It's still difficult to tell, outside of graphics and UI, what is different from the first game. The fist game, with the xpacs had a lot of content, so I doubt they were able to include it all. It has the same feel as the first game at least, it just has bugs and balance issues that look to get in the way, right now.
For example, the AI may have some problems with defending against espionage, as I was able to steal about the same amount of technology from pirate/swarm factions as I was able to research. Also, when a spy got caught, I just bought them back and I took a small global rep hit, that would usually regenerate, buy the time my next spy failed and got caught. Buying a spy back counted as a positive trade interaction and gave me positive rep with the pirate/swarm...
So, if anyone is looking at this, it is probably best to wait until the first DLC/Xpac is released, or at the very least they have 10 or so patches under their belt.