First of all, excellent review, Shannon.
I played 6 games of Reef Encounter on
SpielByWeb.com before playing my first face-to-face game. I found the SBW version to be much clearer and easier to play than the cardboard version, namely due to the colour matching and the aerial view.
You're dead-on with your comment on replayability. After a few games, I started feeling like each game was the same as the last. There are two strategies to use: blitzkrieg and slow control. Each has its merits and may not be viable based on what the other players are doing.
Still, it's an excellent game, and I urge everyone to give it a go when SBW comes back online.