This is a concise email I received recently, which I thought was a very well written discussion of the strengths and weaknesses of various races, with an interesting conclusion.

From: Harry Fuller
Dec 23 2000

Subject: FEDS

I don't get around to reading the vgap4 mailings lately, let alone
responding to them, but I just thought you might be interested in my last
fed game.  The opponent I had played had just smacked me silly using the
Crystals against my Stormers.  I got caught charging headlong into massive
web mines that I couldn't see.  Even minefields that I was in or very close
too were not always visable.  I saw mines, but not untill we talked later
did I find out how many there were. (Hold that thought)

The next game we tried he wanted to use the Borg to try some things out.  I
went with a random choice, got the Fed, and we both laughed at how the weak
pitiful Fed would be pummeled.

I Crushed Him.

Keep in mind we play close together with low resources.  This means no
fleets of a dozen Nova's cruising the universe.

I saw three big resons as to why I won:

1. Outrider: A cheap tech 1, 1 engine scout that I can build 6 of on turn 1
and colonize quickly, bring $$$ home.

2. Nocturne: A cheap tech 2, 1 engine minelaying nuisance ship that can be
grouped en masse and teamed with a higher tech ship, such as your starting
Yorktown, for support.  The mother ship pods up people, ord, repair,
whatever.  If I saw a quietess or better the whole group would go squash it
with the Big boy sitting at standoff and little guys swarming in like
fighters.  If ther was no large threat in the area the small guys can be
sent out to explore, colonize, raid enemy worlds, toss a few mini minefields
around, etc.  This is what fleet actions are all about.
For only $70 and 100 minerals you get:
  50 evasive bonus
  320 scan range
  2 large, 6 small, 4 point
  and it can lay mines
Team a bunch of these with a decent mothership and you have a very effective
fighting force with excellent force projection for a fraction of the price
of a super-nova.

3. Remembering Stormer story from above: Scanning!  I think I knew more
about his situation that he did.  While his probes were meandering around
finding only a base before destructing or capture, I knew all and saw all. 
I would not have appreciated this if not for my defeat using the stormers. 
It is a stat I never even considered before.  Knowing where his ships and
bases were in such detail allowed me to easily assess his overall situation
and go for the kill.