All very good strategies but I tend to go for the sleeper strategy. I take Industrialist party with bonuses in Diplomacy, Population, and Economy. I grab a few good planets around my home planet and build them up fast with my increased manufactureing, tech whoreing and increased population growth. I spend almost nothing on military (after the first rush of colony ships) and by the time I am getting threats from the other races I will be close to getting battleships while they have spent all their money on defenders and battleaxes. My super planets pump out a few Battleships and combat transports with my military spending now set to 80% and Surprise!

The weak kid on the block is marching into a large number of pre-populated planets like Hitler on Poland

. The other advantage to this is that I usually get most of the trade goods and achievements because my super planets have huge production bonuses and my newly conquered worlds will supply tax income or become manufactureing planets if suitable. If the poor saps that were threatening me were ahead in tech on other fronts (diplomacy or such) I either steal the tech from conquered planets or demand it as tribute for peace.
The only problem with this strategy is that it only works on occasional or sparse galaxies. Try this on a galaxy filled with habitable planets and the other races will outdistance you way too fast (:(