I have always held a differentfg theory of the "Ancients" and their origin than most of the folks in the taverns.I have held the belief that M&M takes place in the far distant furture (of our present Earth) anf the Ancients were, in gact, Earthmen who eventuially colonized the Galaxy.
The variours modules referred to in the series, i.e. VARN, XEEN, etc. were, in gact, terra-forming units sent in ahead of colony ships (or possibly built teleporter gates on the worlds they colonized instead of bothering with shiploads of colonists.
I dunno, just rambling . . .