I'm currently playing the first level of the campaign. I haven't tried the "sandbox" yet. I'm getting my ass handed to me on a golden platter :D
The game has EXTREMELY little Micromanagement. The planetary improvements work like this: each planet has a number of "slots" equal to it's class. In these slots, at the beginning of the game, you can deploy one of a few basic improvements. Farms, factories, markets, research labs, etc. You can put all the slots in a queue, and they'll be built in order. When you research a new structure (like an advanced factory) the game will automatically put on the queue the upgrade of all existing basic structures. So, if you have 3 slots with factories, as soon as you research advanced factories all three will get their upgrade on the queue. This makes planetary management a breeze.
Ship management is also quite easy. First of all, you can combine ships in "fleets" (which are more than the sum of their parts. Fleets = good). These are limited by your "Logistics" ability, and each size of hull has a different logistics value. So at the start you can make a fleet with 3 "Small" ships, or 5 "Tiny".
Also, "explorer" ships (scouts and survey ships) can be put on "auto-explore" and "auto-survey". This means that at any given point your civ will have a small number of ships scouring the galaxy automatically for planets and anomalies, and a very small number of fleets doing specific tasks, like attacking a planet or defending against an invasion.
As for "ship tech" micro, that's also taken care of. First of all, custom designs are saved so they can be used in future games. Also, ship deigns are divided into "core" and "custom". I advise you to ALWAYS use custom designs, for micro reasons. Why? Because core designs can't be upgraded.
So, what's a custom design upgrade? you can go into the ship design UI, pick a design, open it, change it at will (keeping the same hull) and save it. You will then be prompted to upgrade ALL your existing ships to the new design.
Also, each ship can be upgraded at any time to any other design of the same hull type. So, don't disband your scouts only because the whole galaxy is explored, upgrade them to fighters.
So, that's micromanagement taken care of. Now, is the game fun? Oh, HELL yes.
You're free to really think aout the general "strategy" of your civ, and act on the "macro" level. There's still PLENTY to do, though. Diplomacy is hard, war is much harder, and you're dead if you don't build and upgraded starbases. I was surprised just how much of a difference they make. Trust me, keep your core planets covered by AT LEAST one military and one economic starbase. And if you find a resource that can be mined, kill whoever you have to to get it. It's that important.
Also, you have to be careful with expansion. At the moment, I have two planets fully developed, and I'm ahead in research (though I'm a bit spread around, making the AI better than me in specific areas) However, my economy is a shambles. The problem is that both planets are SO overpopulated that it gives me a -80% penalty to morale. The only way I can keep the rabble from revolting is by having like 5% taxes, so unless I can do something about it, I'm dead in a few years, the AI will simply overwhelm me. I'm focussing on planet quality and morale upgrades ATM, but I have to build at least a few ships (of a new class I just made that uses a "medium" hull, the first in the galaxy) to act as a deterrent to invason. If I don't, it's just a matter of time before the AI discovers "Planetary Invasion" and kills me.
Bottom Line: Why the HELL didn't you buy this game yet, you bunch of retards? :D