Anyone with valid points (please think what you say over or you WILL get flamed) is welcome to chime in.
This is simply what I personally believe at this early stage of the patch. Please also note that I have played a relatively limited number of games (although, with good opponents) in 1.04, so my views may or may not change over time.
That said, here is my ranking of the three factions:
Small Map 1v1:
#1: Tec
Strengths: Sova + LRMs are as strong as ever, and now Sova is nearly impossible to drive out of your home system
Weaknesses: Poor technology tree progression, poor flak frigate, relatively weak capital ships, strong economy plays no role in small map 1v1
#2: Advent
Strengths: Illuminators are the dominant powerhouse LRF, Defense vessels are still extremely strong, Mothership speed buff allows it to not die to lrms, Radiance is still the most powerful 1v1 capital, and Advent caps no longer die to LRM spam due to speed changes.
Weaknesses: Guardians and Crusaders require too much tech level to be practical, Drone carrier nerf makes them worthless, 3 of the 5 capital ships are nearly useless
#3: Vasari
Strengths: Tier 1 LRF, Navigators are more useful due to increased neutrals, Black Market buff increases income
Weaknesses: Assailants and Sentinels are two of the least efficient units per cost in the game, highest cost, Subverters and RA play no role, Evacuator doesn't get good until levels 5/6 which it will never reach
Medium Map 1v1, 2v2, 3v3:
#1: Vasari
Strengths: RA is as strong as ever, Subverters are as dominant as ever, higher neutrals means much higher income for the Vasari, better Black market counters Tec trade ports, better Evacuator speed allows it to survive to level 6 for Drain planet, Enforcers are very strong
Weaknesses: Very weak early game, assailants are terrible, sentinels are a counter unit only and are fairly terrible, loses to either of its opponents in a fair fight without subverters.
#2: Advent
Strengths: Illuminators are the dominant powerhouse LRF, Defense vessels are still
extremely strong, Mothership speed buff allows it to not die to lrms,
Radiance is still the most powerful 1v1 capital, and Advent caps no
longer die to LRM spam due to speed changes. Crusaders and Guardians are achievable and dominant with the improved Mothership.
Weaknesses: Extremely weak economy compared to Vasari or Tec. Lower resource production than the Vasari, lower credit production than Tec. However, counterbalanced by higher quality ships and better capital abilities (MALICE)
#3: Tec
Strengths: Strongest credit economy, LRM is still a very powerful ship, Kol at level 6 is nearly unkillable, HCs are durable and cheap, with intercept they are a viable rush build.
Weaknesses: Akkan aura needs a buff, although the speed boost is very useful. LRM no longer the king of the battlefield with the new Illuminator taking its crown, credit income is not nearly as useful since buy prices are much higher than before, units are tough but have low dps, lrms are impossible to micro to safety due to reduced speed and acceleration, forcing heavy casualties, capital ship abilities in general do not level as well as other races, and Tec have the worst ultimate capital abilities in general.
That's my take on the game, comments/questions are welcome.