I love when a technology you research actually has a visual impact on the game that you can see.
I was playing a game, Rise and Fall: Civilizations at War, and despite the game kind of stinking, it still had some pretty good stuff.
For instance, I upgraded Chariot Archers, and now every time they fire an arrow it kills an enemy soldier in one shot. Not just kill them, but now, the soldier catches on fire and burns then collapses. Crazy.
Another good example is Starships Unlimited, a neat little Indie game.
You could research several various weapons: wave beams, lasers, pulse lasers, missiles, torpedoes, various other nifty looking weapons.
Here's the big picture though. Lasers was a branch, you started with a lightning bolt weapon, and work your way up to a super powerful laser cannon that just tears apart ships. Missiles start with a slow firing cruise missile that can barely hit the broadside of the barn but by the end they're like quick succession string of death. Basically weapons became infinitely times more powerful, and the color changed to help distinguish said powerfulness. If I saw the enemy firing a blue laser I knew they were one level of weapons behind me as opposed to my powerful gold laser beam of death. Gal Civ I & II is kind of the same way when weapons go up in power you can actually see the weapons improvement.
The other thing is that it's soooo bland. Gal Civ I and II had real funny interesting descriptions of the technology. The descriptions need an improvement.
I do agree that the technology could be more focused. Homeworld, you had to research each unit before you could build it in game, Conquest: Frontier Wars depending on what buildings you had constructed determined what ships you could make.
If technology in the game were set up so you had to research multiple individual parts, lasers, engine, antimatter core, hull structure, shields, then you could produce your first ship, I think that would be cool.
Also, since the game is trying to follow a real time strategy meets 4x space strategy game, I feel the technology pace needs to follow that. Your first ship should be small, experimental, weakly armed and mostly geared for exploration. Technology should ramp up and make it feel like at on point you were in a fragile vessel of exploration until in the end you have a decked out cruiser.