I've heard there's little to do and you can't really get by without a stick.Mouse and Keyboard actually has pretty good controls all things considered. Swap out Roll and Pitch and you're good to go, unless you like using the Mouse X axis to control Roll.
As far as content goes, I'd say it has about a quarter of the stuff X3 does at the moment. I'm having fun, but as it's still relatively in development, probably best to wait for more content. The Next patch is introducing Power Play, which seems to feature much more interactivity and fluidity to the factions.