There is not a better example in killing a great and succesful series. Master of Orion 3 is the shining precedence.
Graphics: The interface is schematic and boring like a business schedule in Microsoft Excel. The ship designs? I suppose any kid under 10 can draw them better. The species design - if someone calls revolting microwaves and kitchen accessories cybernetic species, I'm sorry for him.
Sound: Is there any? I really don't remember anything special...
Gameplay: When you finally find out what to do with the illogical and extremely annoying and unballanced planet building interface, you'll be overrun by another species comming out from nowhere. The space combat is anonymous, uninformative, you may only watch some pixels shooting at each other without the possibility of taking action on your own. And after that you may notice some of your ships or whole fleets missing.
Well, I could show some mercy, be less subjective and rate this game with better than 1. But it's a matter of principle: Because it claims to be the the successor (what a rudeness!) of the legendary Master of Orion 1 + 2, I'll remain merciless. I would rate it better if it would not be related to the series, but in that case I would never have purchased such a dull game.