Its very similar to Terraria, but the game has a different feel to it.
Terraria has randomness to it, but it has a set path. Build up, dig down, build arena's to fight bosses.
Starbound is more centered towards exploration. You start out on one planet, but there are tons of planets to visit, all with varying difficulties and all random. "Each planet is unique, with different types of terrain, procedurally generated foliage, weather, day/night cycles, gravity levels, enemy appearance and behaviour, materials, colour of materials and foliage, and various backdrops."
Like terraria, it has a main quest line, side quests, free world exploration, loads on enemies to fight (along with a few bosses so far), and obviously building and crafting.
Seven (six currently) playable races, I don't really think they have varying stats or different abilities, other than looks.
The soundtrack.... is.... AMAZING. You ever get that feeling in Minecraft how the music doesn't come up enough, but its really good music. Thats how Starbound is but the music is always playing. At least thats how it is for me.
Mechanically and graphically Starbound trumps Terraria IMO.
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