Actually, that does sound a lot like
Infinity, as NeoToby has said a couple of times. For those who don't know, Infinity is an MMO that is still in early development, but presumably when finished will let you control planets, fleets, and have your own empire. If P5yy's idea for a Sins MMO gets realized, it seems like it would be very similar to Infinity, which would probably have already been out for a couple of years by the time Sins Online (just taking a guess here) comes out.
Anyway, this sounds like a neat idea. It could be basically the same interface/gameplay as the current Sins, but there would only be one giant galaxy with hundreds/thousands of stars to play on. Players would start with a capital planet and build out from there. Of course, that leaves obvious problems like how new players would start out if all the planets are already taken by other players.
Sorry if my post doesn't make much sense. I'm very tired so I just kinda let my imagination control what I'm typing, and didn't really think anything out too much.