The "Captain's Table" is a special area accessible only to Lifetime Subscribers through the Aenigma (?) Nebula in the SOL or QO'NOS Systems. It is a "non-combat" area where Lifetime subscribers from both (any) faction can meet up. There's a bank, exchange, and mail terminal there, as well as a tailor and ship selector, and a couple of merchants selling basic personal shields and armor, and one selling food and drink.
A lot of controversy seemed to have been stirred up by a few people who are feeling "left out".. nevermind that the lifetime subscriptions are still available for purchase for $299 USD. If they're willing to pay the price, they too can get into this shiny space station.
Other than that, it's "just another space station".. with fewer noobs asking "where's Sulu?" and a lot less Gold spamming. There's not even half the functions that Spacedock 01 has to offer.. It's really little more than a place to park your ship and hang out.
Aaah, finally I found the thread about this dance party as well, yesterday I just found the youtube vid!
As I said in the comments, this was awesome Maybe we can repeat this some time - but i'm not quite sure if it is better to change the color of my pink partydress XD