Wow, that's a new one. Looks fucking ace (as expected). I've been tracking this game for about 2-3 years now, and at least the graphics engine is coming together nicely.
Boon, from what I know, it won't be possible to build bases etc. There will be asteroid mining I think, but it's just with your own ship.
From what I understand they're going for a 100% true-to-source Elite clone (something like Beyond The Frontier) but with updated everything.
So, if that's the case, you'll be able to fly around (perhaps MMO style, not sure how that's going, if not SP) and trade, fight, and pick up missions (assasination, protection, spying, cargo hijacking, destruction, etc.). If they stay true-to-the-original, there will be factions that you can serve and gain status with.
Anyway, it's going to be a fully procedural universe and everything, with seamless planetary landings (as shown above).
That's really the very key component most the space sims are missing nowadays - a procedural, newtonian universe (not SQUARE sectors - the universe is not fucking square), with seamless planetary generation and landings.
As it might be imagined, generating an entire planet is quite challenging procedurally, but it's somewhat believable using terrain generation and height-based texturing, as shown above.
Basically, if this game ever comes out, it's going to pwn. I really hope some VC firm or a GOOD game studio buys out the project, while keeping the original devs in charge, and gives them free reign to finish this. I don't know if they'll be able to deliver by themselves. | 
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