It's still extremely good. It's one of the only pieces of media to attempt showing realistic reasons for warfare. The show puts the ideology stuff at the forefront, stuff like democracy versus dictatorship, but the show is aware enough to portray these as sitting on top of conflicts money, land, resources, trade routes. The most outright villainous characters are the Phezzani merchants and Job Trunicht, the president of the Free Planets Alliance.

Now that I'm typing this out though, the liberal capitalist Free Planets Alliance is shown to be completely at the mercy of a corrupt lazy political class that disintegrates from within due to pressure from an internal fascist cult (Cult of Terra) and is quickly overtaken by a pseudo-fascist galactic empire. It didn't matter that the FPA had more talented generals or more conviction, they were doomed from the start. The author knew what he was doing.