Is this game still being updated an supported?

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Patches are slow to come (Last one was April 2013) but they usually come packed with a lot of new features.
 
Pasha's right, and there is a new iteration in the works, but in this case the devs have indicated that it's likely to be more fixes than additions. For myself I'm very happy about that.
 
i would suggest spacebar as pause button

That option is moddable. I think it's in the misc. text. Not recommended for players who like to rename armies/fleets/air forces.