In this render I created a small spacecraft (looks like the blue version of a rubber duck due to very fast modelling with sub surface and no real finishing up – but I did not want to space-jump a cube ;-)). I rendered this in blender internal for using the motion blur (full motion blur activated) instead of cycles, as my CPU is not that fast and you cannot render Cycles motion blur on the GPU yet in Blender 2.65.5. As I am not at all experienced with BI materials, this is all very basic.
For some reason the compositor jumped at me trying to add a blur to the hyperspace window, hence you only see the glare effect and for that reason it is to geometrical in the centre and looks artificial. Also, the glare streaks should rotate, this has to be animated in the compositor, so up for refinement. I will have another look at some footage from Star Trek and Star Wars to see how they time their jumps (mine seems to be a bit short and not too impactful on the arrival). I used a basic sound effect background to illustrate the jump, but I think this is especially important to refine to make the jump experience compelling.