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Well for me exploration ships are a must to find the best colonizable worlds. The colony ships are slow and have a much shorter range so they can't find good planets as easily expecially if you are worried that they will run out of supplies after the first 2 or 3 moves.
That's not even remotely true. Colony ships move only one square per turn slower than a warship: 5 instead of 6. That's barely noticeable. And since they don't need to turn around and refuel (they're on a 1-way trip) they can go just under twice as far as a warship on an exploration mission (That extra engine holds 500 more supplies). Escorts/frigates can go through two warp points before they need to turn around (three if you give them extra supply pods instead of weapons or your refueling station is very close to a warp point). Colony ships get three or four before they are reduced to moving one space per turn. Except in an ancient galaxy, I'd always rather explore with colonies over escorts.