Is there a guide anywhere that shows the strenghts/weakness's of each race?
There isn't actually a faction-by-faction guide that I'm aware of. There are unit-by-unit guides and lots of generic (ie, faction independent) guides, but nothing that specifically addresses each faction.
Advent is very much a synergy-based faction, all about combining the strengths of a large number of different ships to create a very powerful overall army. Take any one specific ship out of the equation and a disproportionate amount of their overall combat strength is reduced.
TEC are very much a faction of attrition; they have the cheapest frigates, the cheapest health and armour ugprades, and the cheapest healing support cruiser. They also have good economic upgrades and the best heavy cruiser. Very straightforward faction.
Vasari have expensive units that pack disappointingly little punch for their high cost. However, they have the best auxiliary abilities in the game, such as the ability to set up "short cut" phase lanes that only they can use, phase missiles that bypass enemy shields (lethal against capital ships), mobile starbases, and scouts that can capture neutral extractors.
Smaller questions: How powerful isCulture in this game? IE can you culture flip a system?
It can flip systems if your enemy does nothing about it. That's a big if. Very rarely happens in multiplayer. Culture is usually used more defensively.
Are Entrenchment and Diplomacy worth getting? I'm leaning heavily towards Entrenchment since I prefer to be a defensive player that uses high tech level units for harrasment and approaching an espionage/cultural approach to conquest.
Diplomacy has not been released yet; only pre-orders are available. So unless you're a dedicated Sins fan there's no reason to jump in yet (although pre-orders will get to participate in the beta). Entrenchment is definitely worthwhile, especially if you want to play online (most people play entrenchment online, so it's hard to find a vanilla game). Most of the entrenchment stuff only comes into play mid-game, but starbases really add a lot of utility and strategies that didn't exist before.