Playtesting Suggestion
Brad mentioned on Skype that he wasn't happy with the ships right now. This was too long to put there so I thought I'd mention this here. This is probably because of the speed/maneuver and relative motion of the ships.
People who fly RC planes sometimes tie streamers to the tails and "dogfight" by trying to cut each other's streamers. Imitate this. The weapons and devices are distracting and confusing from what is by far the most important aspect of making this kind of top down arcade space combat fun. What I call "Pattern Recognition Addiction", or in Star Control terms you would call the *Dance*. The relative motion between the ships. They might all be way too slow, would be my guess, or maybe they are all too fast. Maybe they just don't move well in relation to each other, the "*Dance*".
The weapons and devices distract and confuse you from this. Don't balance the movement in relation to the weapons, balance the weapons in relation to the movement. Disable, or just don't push those buttons, all the weapons and devices and just play to ram each other. Make just attempting to ram each other as fun as it can be made.
If you can't quite put your finger on why it doesn't seem as fun as it should be, it is almost certainly because of the relative motion between the objects on the screen. This genre is all about drawing the player completely into the *Dance*.
EDIT: Oh, try to ram each other anywhere but their front;-)