A little bit of (possibly repetitive) feedback:
First, the delivery convoys are indeed a little too good, at least for Tritach. By about the third convoy I've got enough tempests to control any non-capital battle (so 2, maybe that's just a tempest issue.)
The 'shark' event (the fellow who warns enemies of independents and miners) blew away my convoy, even though independents don't seem to be angry with me. Does he just target anyone not with the Hegemony?
Balancing is more or less fine (though I've never fired the Hadron), even if not all factions are created equal. While they're not all perfect, they are both enjoyable and varied. I like how different the factions can be to fight.
While Neutrino is a pain one-on-one, their guns pretty much stink and with but a single frigate helping you out it's a nearly surefire, if agonizingly slow due to high armor, victory. Since most of their weapons lack punch you can focus on one ship at a time. Their autocombat victory ratios are indeed too high, but I imagine that's hard to fix.
While the IFed weapons are good, their ships have low OP and tend to use vanilla weaponry in standard loadouts. Can be abused by an engi-specialized player not using vanilla weapons, true, but that's true with any faction.
Antediluvs have solid fighters but everything bigger than one is awfully vulnerable. Guns are short range, allowing one to bombard them from afar.
Blackrock's generally poor shield 'hardness' makes them more vulnerable to a wide variety of approaches. Their weapons are nice and balanced now too, especially after the quill nerf.
And so on. These factions have real character on the battlefield, which in my opinion is one of the higher praises given the current focus of the alpha.