Endless Space groups the varying planet types into different groups. By default, only Class 1 Planets will be colonizable, and you unlock the ability to colonize planets in the higher tiers as you move down the tech tree.
By contrast, terraforming unlocks in the reverse order, so, as mentioned, you probably won't have favorable terraforming projects available until late game. Generally though, you have to move up in class if you want a net positive in FIDS - otherwise you're either losing them, or swapping Science and Industry, etc.
You can only have one exploit per planet, so I've listed them separately, as some planet types get increased benefit from multiple exploit types.
Category 1 Planets (11 Base FIDS)
Terran
Base: 3/2/4/2
Tier 3 Exploits: 3/0/1/0
Food:
- +2 Epigenetic Crop Seeding
Dust:
Total: 5/2/5/2 + Exploit
Ocean
Base: 3/2/2/4
Tier 3 Exploits: 2/0/0/2
Food:
- +2 Epigenetic Crop Seeding
Dust:
Total: 5/2/3/4 + Exploit
Jungle
Base: 3/4/2/2
Tier 3 Exploits: 2/2/0/0
Food:
- +2 Epigenetic Crop Seeding
Dust:
Total: 5/4/3/2 + Exploit
Category 2 Planets (10 Base Fids / -5 Approval)
Arid
Base: 2/2/5/1
Tier 3 Exploits: 1/0/3/0
Food:
- +1 Sustainable Farms
- +1 Epigenetic Crop Seeding
Industry:
- +1 Heavy Isotope Refining
Dust:
Science:
Total: 4/3/6/2 + Exploit
Tundra
Base: 2/1/2/5
Tier 3 Exploits: 1/2/0/0
Food:
- +1 Sustainable Farms
- +1 Epigenetic Crop Seeding
Industry:
- +1 Heavy Isotope Refining
- +1 Interplanetary Transport Network
Dust:
Total: 4/3/3/5 + Exploit
Category 3 Planets (7 Base FIDS / -10 Approval)
Arctic
Base: 1/0/1/5
Tier 3 Exploits: 0/0/0/2
Food:
- +1 Sustainable Farms
- +1 Epigenetic Crop Seeding
Industry:
- +1 Heavy Isotope Refining
Science:
Total: 3/1/1/6 + Exploit
Desert
Base: 1/5/0/1
Tier 3 Exploits: 0/0/2/0
Food:
- +1 Sustainable Farms
- +1 Epigenetic Crop Seeding
Industry:
- +1 Heavy Isotope Refining
- +1 Interplanetary Transport Network
Science:
Total: 3/7/0/2 + Exploit
Category 4 Planets (5 Base FIDS / -15 Approval)
Barren
Base: 0/1/4/0
Tier 3 Exploits: 0/0/0/3
Food:
- +2 Wasteless Supply Chain
Industry:
Dust:
Science:
- +2 Non-Baryonic Collider
- +2 Optics Research Lab
Total: 2/1/1/4 + Exploit
Lava
Base: 0/4/1/0
Tier 3 Exploits: 0/3/0/0
Food:
- +2 Wasteless Supply Chain
Industry:
- +2 Interplanetary Transport Network
Science:
Total: 2/6/1/2 + Exploit
Category 5 Planets (12 Base FIDS / -20 Approval / Cannot Terraform)
Gas Methane
Base: 0/10/1/1
Tier 3 Exploits: 0/1/0/0
Food:
- +1 Wasteless Supply Chain
Science:
Total: 1/10/1/2 + Exploit
Gas Helium
Base: 0/1/1/10
Tier 3 Exploits: 0/0/0/1
Food:
- +1 Wasteless Supply Chain
Total: 1/1/1/10
Gas Hydrogen
Base: 0/1/10/1
Tier 3 Exploits: 0/0/1/0
Food:
- +1 Wasteless Supply Chain
Science:
Total: 1/1/10/2
Asteroid Belt
Base: 0/4/4/4
Tier 3 Exploits: 0/0/0/0
Food:
- +1 Wasteless Supply Chain
Industry:
- +1 Interplanetary Transport Network
Total: 1/5/4/4 + Exploit
Terraform priorities will come in a bit.
As fbueckert notes, you only start "wasting" food once the entire system is fully populated. Beyond that, extra food isn't very useful. There is one improvement, late in the East technology tree, that converts 100% of surplus food into industry, but you're much more likely to fully population cap systems before you make it to that point.
Two things that bear consideration, however, are Colonists and +Pop system improvements. Making a colony ship will actually remove one unit of population from your system (just as scrapping a colony ship will automatically add one population to the nearest star system, if possible). In the short term, you can use the population-capped system to produce colony ships, and though I don't know the details, it seems that some food and production are stored, such that if a population capped system produces a colony ship, the planet will immediately regain its lost population from the "wasted" turns. (Though, again, I don't know the exact mechanics)
The other thing you might want to consider is are the +Population improvements, the earliest of which is Endothermic Structures (+1 to small, +2 to tiny). As soon as you build one of those structures, the population cap increase, and you will need food production until you max out again.
Neither of these are permanent solutions, however. The only consistent use for wasted food is from the End-Tier, "Dust Virtualization" tech.
Best Answer
Each system you add to your empire has two different costs:
Note that outposts generate Expansion Disapproval for your other systems, but they don't experience the penalty themselves.
Expanding to multiple planets within a single system has a different cost: Overpopulation Disapproval. For every population point above 3 in a system, that system gets -1 to -1.6 Approval (depending on difficulty), which can be reduced up to 80% by the improvements Unlimited Information Highways and Permanent Vacation (which also have a flat Approval increase). This is relatively minor compared to Expansion Disapproval: even a heavily-colonized system won't get above -40 or so Approval this way, and by the time you have this much Overpopulation Disapproval, you have so much FIDS that you can afford to buy, build, or invent some Approval-generating improvements.
Expanding to multiple planets also has a flat penalty to Approval in that system: every planet worse than Class I has a -5 Approval penalty per Class. So Terran worlds have no approval penalty, but Tundra worlds are -5, and Gas Giants are -20.
So, to answer your question: your ability to expand is limited by your ability to build Approval-generating improvements, and your ability to pay the Dust costs to support distant outposts for the 30 turns before they become colonies. These limitations go away with sufficient technology and improvements, so bigger empires are better as long as you can handle the costs.