i do flat projections mostly, but on sections that arent always flat. then i drag points around so that the uv mapping is equally distributed, as if you peeled the ship flat, painted it, then folded it back up. it used to be i wouldnt project anything thats at more than a 30 degree angle from the plane of projection. but now il do things at extreme angles, i just sorta have to pull the verts apart in 2d so that the grid pattern looks square and even across the surface.
on some cases i do something exotic, like a spherical map. you can see this on the satyr. it looks ok till you find the seam.

avoid theese like the plague, however there are times when it needs to be done. like if you want a pattern to cover a spherical surface and meet up at all seams. its difficult but possible. it usually means you have to manually paint over the seam so that it properly connects.
the most brownie points for space scrounging goes to the ragnarok/valhalla. they use the same map mostly. theres still space for when i get around to modeling debris, damage areas, ect, as well as special parts for the carrier varient. its a modular ship desigh

proper sectioning is the key to a good looking map. it max its easy to set up sections by using the smooth groups, theese can be saved and called up later so you dont spend most of your time selecting polies. truespace can do the same thing, but its more complicated, you have to use a different material per section. theres some tool+ctrl combo that allows you to select every face with that material. once uv mapping is done you can apply a material to the whole ship for conversion. that should be the last thing you do, if you want to view your texturing progress while you texture, apply a material to the ship and don't save (or save a backup first). that way if you have to tweak a section of the uv map you dont have to select all its polies.
i always do initial projections first and i dont try to condense the uv map down to one texture's worth of space until everything is projected flat. then you can do whatever voodoo needs to be done to make the best use of texture space. leave plenty of space so you can select sections with the marquee tool in the uv editor, this makes the sections easy to manipulate and tweak.
i can spit out tips all day but your best bet is to work at it, get experienced. you will do 20 ships and still will find new tricks that no one thought of before. uv mapping is an art, just as much as modeling or making the ship.