Well, like Entrenchment, it offers much more to the design of the game. Diplomacy, although useful, has never been the strongest aspect of the game. Aside from the fact that victory conditions usually force you to crush the other players anyway, the AI only makes moderate use of the options. If it could pull some of the tricky maneuvers like GalCiv, then I could see it being more useful.
Besides, like Entrenchment offered, we all want to see new ships and things to blow up. The Titans and Corvettes are a direct addition to the eye candy element of all that. I'm sure there will be balancing tweaks, but hopefully they will get it down sooner than later and we'll have ourselves two new classes of vessels that are very handy. Given that corvette classes exist in real life, or at least have, I'm sure they will balance with ease. We're all a bit concerned about the Titans, but I'm sure what doesn't get balance in the original game will get tweaked in the mod, much as the new Flagships I'm sure will.
So yay for all of us!