Ok, I took an hour or two building an armada and going for another planet while leaving mine barely defended. The other player in my solar system had an non aggression pack and trade pack with me.
Two different things happened. First, when I invaded a home planet from another solar system, all the other player (AI) did, was sent is ship through. Never really stop to fight back. At least it looked like that. It might also have been because I was far from their point of entry and could pick them one by one since they didn't jump in group. This at a Medium setting was a farce and I didn't need to do more then select all and ask them to attack a particular enemy vessel. No strategy, no excitement, just a point and right click.
Second part is that at least the AI that was in my solar system and had peace and trade agreement decided to invade my home planet. Instead of rushing back, I decided to let it take it and see what the AI would do. To my disappointment, the AI attacked all structure first and except for the frigates specialized in bombarding, never attacked the planet.
Not only that, but the AI never took the planet, just razed it. Because of that I would have ample time to return from another solar system and wipe them out before they got to kill the planet.
Now, the following might be bugs, but it's hard to say:
Once I lost contact from my planet, it still had my flag over it, but at least it told me how long it's been since last contact. Once I revisited the planet, it did adjust the flag. I would just think that the flag would be removed once I have no contact. When I went to look at it, little vessels (life) was still floating around the planet even if it had no habitant (razed remember). Just as an FYI. I reloaded during that moment and the scout arriving didn't show the little vessels (life) surrounding the planet.
I had a 257/60 or something ridiculous like that for supply points. Shouldn't you have something that starts a counter and make some vessel less good for a while until it destroys itself to get back within ratio. Reasoning being that the vessel doesn't receive the proper goods to continue operating.
Related to the 257/60 ratio after loosing my home planet, why is the home planet giving you so much or was this an error. This was one planet out of 6. Given, the AI was attacking another of my asteroids planets, but still...
Third and last point, if someone can just brake a cease fire accord and attack you right away without any repercussion, then there is no point in having alliances?! Don't jump

What I mean, is that yes, you can, but there should be some repercussion of doing that. Something like other dropping their alliances or part of their treaties due to confidence in other player dropping. May even add to the bounty on their head if they have no alliance with them? This would make the diplomacy route a bit more viable.
I didn't continue that game after that. I still have the save game if you want it. That was my first game and I achieved what I wanted.