Given that 1.4 will drastically change strategies (we lose micro for planets, and have to go with governors which aren't as efficient, but a whole lot more scalable), I think I'm going to switch over to a more "balanced" approach.
That is, make sure each planet has a 'primary' use, but also a strong 'secondary' one. So, in most cases, I'll be setting up research/money planets or production/money planets. Probably in something like a 60/40 or 75/25 mix.
As it currently stands, what I've found works well is this:
1. Send out all the start ships to explore
2. Set Research to 100%
3. Start researching the Xeno Commerce or equivalent tech which gives you the 1st tier Approval building
4. Rush buy 4-5 buildings on the Homeworld, positioning them for optimal self-reinforcement.
5. Buy the Approval building, to keep morale as close to 100% as possible.
6. You should now have a HW that has 75-100% morale, 11 pop, and +60% reasearch +75% manufacturing by now. You should be about 5 turns in. And still have half your starting funds (~3000 credits). Reset your production wheel to be about 40-50% research, and the remainder Manufacturing.
You can now start pumping out colony ships (try custom ones with added sensors) and use them as explorers. I research the first 2 drive improvements to get me better range and drives, then concentrate on other techs (Ion drive isn't really worth it until later in the game).
By round 20 or so, you should have 4+ colony ships out looking for planets to colonize. Given the map settings I use, it's not common for me to find more than 1 or 2 planets within that timeframe, due to distance and scarcity of planets.
As to what to do with the planets when you find them:
1. Throw a factory on there. Until around turn 100 when you've got sufficient global production bonuses, not having a factory really hurts the buildout of a world.
2. Set new planets to 100% production until you've got 3-4 buildings built. Then back them down based on whatever that planet is going to specialize in.
3. You're going to need money, especially now that new planets seriously dent your money supply (-4 credits for the initial colony capital). Any planet that has high Pop Growth rate, make a money planet if at all possible. 10+ quality planets should almost ALWAYS be considered a money planet. They might do something else, but figure on covering at least 50% of the tiles for 10+ quality planets with money buildings.
4. I'm a big fan of max pop density. Buy and place the farms and hospitals to maximize pop. Play your cards right, and buy the Pragmatic 1st-tier Ideology which prevents you from be declared war on for 50 turns. That leaves you without having to worry about a military until *at least* turn 100.
5. Trade like mad for techs with all the minor races you can find.
6. Unless you're an Evil race, make at least one friend with a major Civ - Open Borders treaties are a great way to do this, and at the early game, they're mostly harmless. Don't think that not having one will prevent them from colonizing in your influence space, so just let them in anyway (and they tend to be much nicer in the long run).
Then, when you're around turn 150, pick a fight with your nearest major civ that's weak (and not your bestie). You should have sufficient military to do so around them, and if your careful, you'll be able to build enough custom ships to kick their ass relatively easily.
