After researching level 8 of hyperspace Technology, currently it makes no sense to research it
(Not to be confused with Hyperspace Drive).
Since Hyperspace Technology is all about folding space, i always understood that like it's having some effects on shortening the distance from point A to point B, in this case from one galaxy to the next.
I originally developed this idea back in January of 2008, but i never balanced it quite right, i had another attempt on board.ogame.org, it sounded good, but the formulas were a bit complicated. I think i finally have the right balance.
The distance from the starting location to the nearest galaxy in ogame is 20.000 units, and the distance for every next galaxy is another 20.000 units.

So basically for every level of Hyperspace Technology the distance between galaxies would be smaller by 2% of the starting distance between galaxies in question.
The formula would look like:

[Distance] = [Current Distance] - 0.02 x [Current Distance] x [Hyperspace Technology level]

So the starting distance between galaxies wouldn't be effected without Hyperspace Technology researched, since the distance would be:
[Distance] = 20.000 - 0.02 x 20.000 x 0 = 20.000 - 0
for lvl1 Hyperspace Technology it would be 19.600,
for lvl2 Hyperspace Technology it would be 19.200,
for lvl3 Hyperspace Technology it would be 18.800,
for lvl15 Hyperspace Technology it woud be 14.000
Here are the numbers and how it would look like for the first 25 levels of Hyperspace Technology: