I can only speak for the 2nd ED of this game, but as far as i can see, only the artwork and some names have changed.
If you have an enthousiastic group of gamers, this one is awesome. The "Make sound effects or miss" rule really makes it come to life.
Don't expect great strategy or planning, accept that you can lose a humongous fleet in less than a turn, and lose at any time, and you will have a blast. It's like the Mario Kart of spacebattle games! We usually use it as a warm up game before we dive into the heavy games, like Doom/Twilight Imperium/etc.
I reccomend it wholeheartedly!