Well, it's a little sad to say it, but Gal Civ III's up to patch 1.2 now, and about time I made good on my promise to write up how it was. Which is, sadly, still a little buggy and having some obvious balancing issues. At its core, the mechanics are that of a good 4X space strategy game, but there are little things like inconsistent tech costs (it costs almost 8-10 times less to get the best missile tech, compared with the tech before it - so in my last game it took me 20-odd turns to research the second best tech, then only two more to research the best, when for any kind of balance it should cost more, not less), but things like the display crapping out on me requiring a hard restart of the machine (twice yesterday) and camera glitches that require a game restart (although, unlike the display glitch, you can save before you have to restart). It's also lacking some automation options that were there in Gal Civ II, like automatic construction of starbase modules, which aren't big things, but they were big quality-of-life improvements of the ilk you'd generally expect to carry through to a sequel, rather than be left out.
Once you get past all of that, the actual game is still a lot of fun, with mechanics that are iteratively deeper than those in Gal Civ II, and it is a lot of fun (it's my second-most played game in the last 12 months), but if anyone was thinking about it, and it's not the kind of game you play forever (I was playing Gal Civ II until Gal Civ III came out, and will likely play Gal Civ III until IV pops up, so I'll get plenty of time playing it when they've polished it a bit more) then I'd wait until it's in better shape to get into it.