It can be pretty unfair at times, like when you get nailed with 2+ disasters, have low power, and food supplies dwindling, but I've found it to be a pretty solid colony builder.
Generally anything bad can be addressed with some forethought and planning, and I've found at least that any calamities I've suffered are totally avoidable.
Usually my problem is I expand too fast, and then lack the food/water/power production to keep up with demands, and then run into massive shortages. Then if I get a disaster on top of those, its usually gameover. But when I keep on top of things, its often quite doable.