What you can see there is my basic FSPort lighting setting. A PBR build (these three screens were taken with a 3.7.1 PBR build, so the 3.7.5 nightlies will look even better) with all graphic options on (except env maps and motion debris, they make my eyes bleed), PBR MVPs assets and a custom command line:
-ambient_factor 55 -no_emissive_light -spec_exp 15 -spec_point .2 -spec_static .8 -spec_tube .2 -ogl_spec 110
So: very dark in general, with nearly no ambient lighting, most of it coming from suns. Hi-poly models with lots of glows look astoundingly, but old models are even more ugly. Not mentioning that a ship without glows might be nearly impossible to see from certain angles... Which might make the game itself a lot harder. If you're going to play some old mods, I suggest getting rid of -no_emissive_light.
Plus, the way lighting looks ingame is very dependant on the background of the mission (suns), which gives some interesting feelings to many of them.