To be honest i've found the campaign a lot easier under 1.2 than under previous versions. Thats probably because I play more defensively against the dread lords...barricading my planets on the front line with 5+ fighters and an orbital fleet manager...the ships get an attack/defence bonus due to being in orbit and due to the changes to the combat system the dread lords can't use their first strike advantage to take out loads of my ships before i can respond. Just sit tight and wait for them to come to you...they break on my walls like water on rock...
Then it's only a matter of time before an invasion fleet can be mustered...
Patience is the key to beating the dread lords and only striking when
absolutely ready...