I started a new game for 0.7.1a. First impressions: If you've taken a faction commission, it's way easier to gain faction rep now. Instead of having to wait for a bounty, you can just go hunt down faction enemies. I unlocked destroyers from my chosen faction soon after I could afford to field them, which makes the transition from early-game to mid-game quite a bit smoother. I've hit co-operative long before I can afford the really big ships, which I think is good. It makes the biggest hindrance to getting a capital simply being able to afford the thing, rather than having them be locked behind a reputation grind. The commission also gives you something to do other than wait around and maybe do some trading when there aren't any active bounties you'd get paid for.
On the negative side, if hostilities flare up, you need to get hostile with the opposing faction almost immediately or you'll start losing rep quite quickly; I think it's about 5/month. I actually got dinged because I just couldn't find an appropriate target. Maybe have a 1 month warning/grace period? On the other hand, you can make that up easily just by killing two enemy fleets, so maybe the grace period isn't necessary.
The early game is still the most difficult part of the game so far, but at least it ends quicker now. I think starting the player with maybe another level's worth of skill points would make it less of a sinkhole. I'm also having a hell of a time finding any Ion Cannons. Nobody seems to sell them, they refuse to show up in salvage, and they're one of the best small energy weapons.
I agree with Megas about the Tachyon Lance. It just costs way too OP much for what it does now, and given that it has apparently attained mythical status in the sector, I'd prefer to see it buffed up to be on par with the Plasma Cannon rather than have its OP reduced. Beam Weapons in general are a bit underpowered, really, except for the Tactical Laser.