On the ship crafting earlier, you can get upgrades for your ship, either from the starship upgrades vendor in each spaceport, or Cybertech made. Vendor sells Odd Tier, Cybertech makes Even Tier, which also have stuff like +5 health that vendor tiers don't. Their main benefit is extra damage and health and missiles and stuff for space combat. Space combat's fun.
You have a crafting station on your ship, and if you send a companion to craft, you'll actually see the companion crafting at the table. It's a nice touch. They disappear from their cubbies and craft at the table. (They don't disappear when doing missions for some reason, but whatever.) It's funny with my Trooper, sending Aric+Elara+4X to craft. 4X is so huge that he basically takes up half the "table" himself. I can't imagine when I get my 4th and 5th and have them all crafting at once. Very crowded.
"Sir,we are beginning our search for these rumored 'underwater villages'.They will not stay hidden for long". -Battle Droid Commander OOM-9!