Here are my thoughts after playing the EMW campaign and some of the stand alone missions. FWIW I've seen Babylon 5 only a few times, and so I'm not really too familiar with the plot or characters. This might color some of my judgment.
Beautiful models and effects -- even the asteroids in one of the stand alone missions look good
I love the radar -- I'd like to see that art brought straight over into regular FS2
The 'dark' look feels right
Atmosphere is outstanding -- the pilot/command art is great, especially coupled with the voice acting in EMW campaign.
Cinematic quality of the EMW campaign is good -- but see the con below.
Cap ship thrusters seem to have 'shadows' running through them
Weapons feel as if they haven't much oomph. The Terran pulse cannons seem to have a tiny energy reservoir. The target profile of many of the enemy vessels is quite small. Despite racking up the usual 20+ kills in regular FS2 missions, I hardly hit anything in these missions.
In the EMW convoy escort mission, one of the freighters was disabled. The bad guys ignored the disabled freighter, which naturally sat there and did nothing. I got full credit at mission end for saving all of the ships anyway.
The later missions of the EMW campaign feel more as if the player is a spectator than a participant. There isn't really anything to do, one might as well just fly out of enemy range and watch. Although I understand the EMW was supposed to be hopeless for Earth, I just didn't feel as if there was much point to the missions. It would be nice to introduce elements to these missions in which the player can actually have some effect - e.g. prevent the Minbari from disabling some of the distant warships so that they might escape, etc...
Thank you for all the work, this is a great job overall! Its great to see what the community can do with this engine. I look forward to your forthcoming campaign.