While this game does not have as much depth as Civ V, SMAC or Beyond Earth, it's still a good strategy game on its own merits. As game mechanics you have base building, a very fleshed out research tree, excellent unit design, diplomacy, a market to trade food and mineral resources, an innovative "operations" mechanic, and of course an engaging combat system. For some people this might appear minimal compared to the additional mechanics we have come to expect from such a game, such as social policies or a religion/belief system which this game is lacking. There are also no bells and whisles, no nice animations or sounds when completing special constructions or when conquering a city. Only a minimal plot that is advanced when certain criteria are met.
Despite this, I think the game makes up for this by shining where it truly matters: the core elements of what makes a good Civ-like strategy game are polished, and most importantly, the game has a competent AI. I love SMAC as much as anyone, but the terrible AI that is so characteristic of the early Civ-games has made it borderline unplayable over the years. The design of units, weapons, aliens and the terrain are also very satisfying.
The only mayor grievance I have with this game is the lack of graphs and statistics. There is a way to see how you measure up against your opponents as a short summary on the diplomacy screen (e.g. "Strong economy"), and the advisors will also provide a short phrase of how you are faring in a specific area, but I would really loved to see more, graphs and numbers of population, economic stats, etc. For me this is a must-have in any Civ-like game.
But overall this does not distract from the fun of playing the game, and the "just one more turn" effect is very strong with this one. Be warned.