Yes the Ragnarok is insane. A single Decimate fleet attack can wipe out a fleet of Wraith Heavy cruisers. An easy way of balancing it would be to cut the abilitie's range a little, if only to give the enemy fleet a chance to run or spread out . Not that it would matter because the Ragnorock is fast enough to chase a fleet down.
I may have to revisit that ability. I wanted it to be able to inflict massive damage onto a fleet as beffitting it's name and ideally thin the ranks out a bit with each firing. That isn't so easy to accomplish and still keep things in check. What I may have to do is increase the initial blast damage and reduce the "propogated" damage on the secondary and tertiary impacts.
Also the Asguard can eat SC for breakfast when their caps level up.
That aspect of the Asgard is probably the single most difficult thing to balance. Not having any strikecraft leaves them at a MASSIVE dissadvantage to other races. I didn't really want to make all their ships really large and costly (like the Ancients) so that meant giving them ways of effectively mitigating the threat from strikecraft. The thing about strikecraft is that you can kill them by the thousands and you've never really destroyed anything in the opposing fleet that costs a single penny to replace or build in the first place.
Right now I may have erred on the "too effective" side of things when it comes to capital ship abilities vs strikecraft. Aside from rendering carriers useless against them though, that still leaves everything else in the enemy fleet as an effective threat which is probably better than having the entire Asgard fleet overly vulnerable to strikecraft. Things don't seem to get too out of whack until you get both an Odin and a Heimdall to lvl 6 with their ultimate abilities and even then, the above is the result and not necessarily instant "win" over the enemy fleet.
Of course, the AI's apparent love for carrier spam doesn't help as it doesn't adapt well to having it's strikecraft hoards neutralized. I think a living player with any of the races would contend with that aspect of the Asgard much more readily.
You definitely have a fragile balance between the races. The aguard can make alot of money very quickly with there research. The Ancients do well against asguard shield thanks to their drones and all their ships have an insane number weapon banks to deal with fleets that out number them, pluse drome swarm is awsome. The wraith Hive is impressive and they are interseting to play with and do the best in the early game expanding quickly.
It's strange you say that about the Asgard. I have never found them to be a particularly lucrative race. That is, at least not until I start rolling out Valhalla Stations which can throw their economy into overdrive. Which researches in specific have you found to have an overly dramatic effect on their economy?
You've summed up the Ancients and Wraith fairly well.
The main Ancient combat ships are loaded with weapons that's for sure. They have to be though in order to be viable. I should note that in many cases the laser weapons they use are most effective against strikecraft and other light frigates rather than heavier ships. That is why they don't have a dedicated "flak" frigate.
The Wraith are supposed to be somewhat like a weed. They spread easily and are very adaptable to most environments which translates into them being able to build bigger colonies on the more inhospitable planet types. If you leave them unchecked they can become a real nightmare, especially if they tech up or reach their "end game" scenario. The AI doesn't seem to use it though, at least not in any game I've played yet. My most recent playtest is using the Wraith so the next update will address some issues and mistakes I've found with them. I have noted how the Overlord star base is surprisingly more formiddable than I expected it to be as well. That's not a bad thing, I just didn't expect it to be quite as good as it seems to really be.