Quite simply, the Beta 1 release is of higher quality than what some companies release as final versions these days (at least on my hardware). I'm thoroughly impressed and am excited to be involved in contributing to the life of this product. I can already see this game being one of the games that I go back to time and time again, such as Galactic Civilizations, Space Empires, and Homeworld 2 -- mostly because in a way, it is all of those combined!
First Impression: Game seems like a mid to high quality product. This could be improved by giving player even more info/feedback when configuring a game and getting them started (I'm sure you guys already have that in the works, as this IS beta).
Interface: For the most part, the interface uses some rather clever means of communicating information to the player. Once I learned how to interpret the "tree" on the side, I began issuing orders on the tree very regularly to run my empire and zoom in on a fight at the same time... or to queue up reinforcements without leaving the battlefield. The camera is clumsy, however -- that has probably been the biggest problem, but after a quick glance over the forums, it seems that is already scheduled to be remedied. Another problem I've had with the interface is that the icons in the tree are extremely difficult to distinguish from eachother (may get better with more time with the game).
Graphics: Placeholders notwithstanding, the graphics are adequate, and most importantly, SMOOTH. Even against 4 AI with huge fleets, the graphics and gameplay were very fluid. The only occasional hiccup comes when zooming in on a ship class for the first time as it loads the textures.
Gameplay: This game, even in beta form, scratches a gaming itch I've had for a long time. The learning curve was quick compared to many modern games, and the mechanics lend themselves to allowing the player to focus on what he wants to focus on. It seems pretty well thought-out.
Sound: I know it's mostly placeholder, but the weapon sounds definitely need work. Emphasis on making different weapons sound different will help with immersion and even be tactically informative.