I've never been able to get into a 4X space sim. I've played it about 8 hours of the last 12. I think I'm hooked.
The graphics in my opinion are more than adequate for this style of game. You have a 3-D view of the game, with 360 degree control of the camera as a default, or if you prefer the traditional top down view you can choose that as well. You can zoom in for a close up view of your ships (which you can design if you choose) and planets, or zoom out to view the whole game field.
The management screens were a little confusing at first, at least for a noob, but by the second game I was whizzing through them with expert confidence. There are plenty of aspects of your planets and ships to manage, but I never feel overwhelmed.
Interacting with the AI or other players is the crux of this type of game, and whether you are negotiating trades, peace or warfare, you have plenty of options. The AI makes good tactical decisions, often catching me with my pants down, and doesn't seem to go for any attempts at a ridiculous trade. I haven't played the game against another living opponent yet, still working out my strategies against the AI.
When starting a game, you have ten preconfigured races to choose from, or you can build your own race. You spend points on various attributes that give bonuses to create your race, or you can tweak any of the preconfigured races. You also get to choose the size of the universe you play in, and the content within that universe, much like choosing a map in AoE style games. You then choose the other races you want to play against.
Keep in mind, I'm "new" to this genre, but I have played 6 games of various conditions, and have had a blast. This is one of the best games I've bought in a long time, and if you are looking for something different, I suggest you pick up a copy.