Enough of the fire and brimstones- MOO3 is and never will be like MOO2 or MOO1. It's like comparing Kobe to Jordan- or any other ballplayer for that matter. There will NEVER be another Jordan, and there will NEVER be another MOO2.
Like most of the MOO3 players, I grew up spending countless of hours playing MOO2. I think the one aspect that I enjoyed the most out of MOO2 was configuring that 'perfect' ship. Though it was great during the middle of the game, once you get stellar converter, the space battles become pointless.
Though, MOO3 took that away, (its real-time action now- homeworld-like) they did add some positive attributes. They 'upped' diplomacy to a whole different level. There's far more options than to just have trade/research pacts, declare war/peace, e.g. Heck, the complexity of the different types of races is beyond words to describe. Despite some what the other reviewers say, the AI isn't all that bad either. They definitely are 'smarter' and less willingly to stupidly give away tech. & planets in trying to appease you (being compared to MOO2).
Overall, it is a MUCH different game. It is true that the learning process sucks, the learning curve is about 2-4 hours and there's hardly any documentation. They also could have made more shortcuts in configuring planet production. However, all that micromanagement is no longer necessary. Multiplayer and the 10 minute time limit is definitely a plus. The creators of MOO3 were trying to give their audience a taste of what it truly is like being the leader of one civilization. Let the viceroys build/upgrade their respective planets. Let the ship captains do the firing of the weapons (you can move them, select a target) you still have 100 other things to worry about.
In the end, this game is STILL very addictive. "Strangely addictive", most players call it. My advice is to give it some time, to learn how everything works- learn the shortcut keys. Realize that a typical game will last more than 200 turns. Thus what you do in EVERY turn isn't as important. Let the AI do most of the planetary management- just pay close attention to your industrial giants. It's frustrating, but if you like galactic strategy, MOO3 will give you some of that and more.