Another few days on it:
Definitely potential! They've got a laundry list of bugs and gameplay to look at but there are absolutely ways to improve.
Once they start letting us choose the types of matches we want, and include our friends, and maybe get rid of some of the steep loss penalties it might be pretty fun.
I've leveled up my Chaos ships enough to get more out of them, and it seems almost the reverse that chaos at high level has some frankly overpowered tactics that are hard for Imperials to counter.
Imperium: tougher, slower, shoot less often but do more damage.
Choas: Faster, weaker, shoot more frequently for less damage.
Imperium Win Mode
Low Level: Run at the chaos people and smash them in close quarters where you will simply outlast them
High Level: Spamming Nova Cannon from multiple ships is ridiculous right now, if your opponent isn't properly timing temporary invulnerability buffs and 'silent running' cloaks or mark of zeentch(i think that's the one) cloaking clouds you can lose a lot of stuff quickly, especially if you are massed at the begining of a round. The Nova cannons shoot basically all the way across the maps sight-unseen.
Chaos Win Mode:
Low Level: Try not to die
High Level Win Mode 1: Kite and spam laser death from long range. You are faster than the Imperials, you can use stasis bombs to keep anyone back who gets too close.
High Level Win Mode 2: Carriers are stupidly overpowered right now. If you run an all-carrier fleet with the right buffs for assault actions and launched fighter/bomber/assault boats, you can cripple damn near anything from super far range. Target engines from afar, rip them to shreds, and then blast them at your leisure.
Current Testing Strategy: I'm trying to put marks of Nurgle on all of my ships (damage cloud around your ships that ignores shields/armor and attacks hull directly, it stacks). So I basically have a bunch of 'plague ships' with buffed assault abilities and I run straight into the enemy like ye olde fire ships. They get in close, launch a ton of assaults and start fires/critical hits and deal death. All the ships have auto-casting 'void transfer' which is this version's game of spider tanking. One of my ships gets low the others dump shields onto it. I don't have a proper nurgle stack yet but am saving up for it, but it's been super promising and often unexpected to see a Chaos player running -toward- you. It's pretty nasty.
I think Orcs/Eldar will add some more fun strategies as well. I'll be maining orks most likely soon as they are available. Waaagh!