Can someone please explain the Wild function of the Leviathan flare? We're not exactly sure the ramifications of using it. Do you keep control of the planet in the other system? Does it count as a colony? A little help would be appreciated...

If it helps, instead of switching the locations of the planets, just move all ships on planet A to planet B, and move all ships from planet B to planet A.

Put another way the color of the planet is not what determines if it's a "home" or "foreign" colony. Rather, it's the location. Whatever planet discs are in front of a player are his "home" systems. The rest are potential foreign colonies.

So, if you use Leviathan Wild to switch two planets, you can cause people to gain or lose foreign or home colonies just by switching the planet discs.