Well:

LCF: 1990's humans with space travel and a few other species. Only real asset they have is the Delphans, who recently received a major buff to their abilities, but still aren't really enough to put the LCF at the top of the power scale. Unadvanced, with a weak military and comparatively weak industry, their most dangerous weapons are those they have scavenged from their long since destroyed predecessor 

Equestrian Empire: Mary suetopia of crystal spires and toga's on magical space ponies. Powerful nation who you probably shouldn't mess with unless you've prepared yourself. They also enjoy hiding behind their goddess, Faust. They believe predominantly in freedom, harmony and peace... And ironically have one of the biggest war records and have been completely destroyed several times over the ages, only to be brought back bt their goddess

Castully: An oligarchy with average technology and strength, with a relatively strong industry from what I can gather. They took over what was left of the former Zonanese empire and as such have the three Hach races as well

Sazkarjhit: Highly religious and with a well trained military, they have technology which I would say sits slightly above the average. The Sazkarjhit themselves are also physically strong, and this has led to them beigg respected warriors in the galaxy, even if their nation isn't considered among the most powerful

Supremes: Not much is known other than they reside above the current technology of most, if not all, the galaxy. Individually powerful and with strong ships, their main problem is due to their numbers: They are very low compared to most other powers

Chaos: Demons and gods of the warp, with their twisted mortal servants. They have no set technology, as they generally take and taint anything they find useful. Definitely the most powerful force... But fractured. The major chaos gods hate each other and as such tend to argue and fight, limiting their threat... But make no mistake, e
they are still very, very dangerous

Ceramus: They have relatively advanced technology and powerful ships, but they recently went through a war and are currently being attacked by the Imperials, which has driven a wedge through their progress

Imperials: An extra-universal empire that oppresses all non-humans and takes over anything they come across. They have advanced technology and certainly have man power... But their huge masses of soldiers seem to be acquired through conscription and they rely on brute force alone with little care for tactics. As such, the more professional armies have been able to kill large numbers of them as well as use elite teams to destroy their flagship and take their admiral.

The Collective: One of, if not the, most powerful local universe faction. They won the Universal War against the reapers through the use of an advanced device... Which subsequently tore apart entire galaxies and confined everyone to the milky way. They fought the reapers for over 50,000 years, and are one of the oldest factions. Made up of several species, they are far above the average tech level, and have a strong industry and a very powerful military. They are also considered oppressive, unethical, immoral and, for the most part, brutal, due to the greater good doctrine and an ingrained desire to unite the entire universe and beyond at any cost...

There are also more that I have (Sorry!) forgotten the names of, but one is essentially a nation locked in an endless civil war and the other is a rather average nation which hasn't done much for me to write about yet.

As for what's going on...

the collective is finally fixing its food problem (overpopulation)
Equestrians and Collective are finally starting some form of diplomatic relations other than "KILL!"
The Imperials are getting humiliated considering their pedigree, now that they have attacked the Ceramus
The Delphans are being Delphan and pretty much becoming the Collectives most hated being (Hkw dare they be arrogant! Only we are allowed to be arrogant, pompous pricks!)
Endless civil war I mentioned above

Overall diplo relationa

Ceramus: Friendly with Collective, hate Imperials, LCF and Equestrians, neutral with all others
Collective: Friendly with Ceramus, Dislikes LCF, Hates equestrians, dislikes Chaos, indifferent to Imperials (See's them as a means to an end), neutral with all others
Equestrians: Friendly with LCF, hates Collective, Chaos and Ceramus, neutral with all others, likely opposed to imperials
LCF: Friendly with Equestrians and Sazkarjhit, dislikes Ceramus and Collective, dislikes chaos, dislikes imperials, neutral with all others
Sazkarjhit: Friendly with LCF, Neutral with all others, though probably not warm towards Imperials
Castully: Neutral with all, though probably not fond of Imperials
Imperials: Hates everything not human, hates LCF for not bending knee