LOL ! That looks insane !!!

Well i'm a glutton for punishment, i'll try it out

*edit* I really like it! It certainly gives the impression that something huge blew up, that there was more "substance" to the very large ships.
I don't think you overdid the amount of particles at all.
The only thing i can suggest improving is the way the particles animate out. It looks too forced with their "chop-chop-chop" slow fade animation.
Try to somehow make this quicker or smoother or more random, if's it's possible. But I do like how long they hang around that's cool because it's nice to fly through hot flaming popcorn debris, just not so nice to see the unnatural looking animation. But, hey, i guess beggars cant be choosers

And another thing, this is a neat effect, its too bad we have to run a special (non-optimized ?) build to get it. Maybe as another launch option ?