Got the KTA and C.SIX factions ingame, though their variety of ships is pretty limited.
So far, it works like this: you start out in a Kio (A shielded ship), and the Okouth and KTA are hostile to you. Thiiei and the Coalition constantly throw ships back and forth at each others' worlds. There are a total of 5 stations, one for each faction active on the map that sells faction-specific merchandise (meaning you can't buy Thiian ships or weapons at a KTA station, etc).
Having toyed around in the campaign for a while, it seems the factions are balanced enough in the sense that none totally overwhelms the system (Usually--there was an odd game where Thiiei got Zerg-rushed by the Coalition).
From now on, it's really just polishing. Looking at my list, the only major things left to do are the ship/weapon descriptions and some minor graphical edits and additions.
If anyone is interested in alpha testing, now would be the time to tell me as I can probably have the test version to you before the end of the week.