I jsut played the demo...and ..man..
first off, it looks great - you can fly fighters, bombers (in space and in atmosphere) cruisers, frigates and carriers.
The flight system seems very realistic - the physics can be set to newtonian or arcade - the weapons themselves are very real (fighters have fixed laser and several externally attached missiles that are VERY deadly).
The HUD and it's many modes look like they have been taken from a modern aircraft, and controls of bigger capships is excellent (when you control a carier you can command it's entire fighter complement into tiny details) and you can make in-game quantum jumps to other systems/planets.
In the demo I left my frigate and fighters to fight while I jumped back to the safety of my homeworld (by accident.. I couldn't find a way to turn off the jump drive while it was charging).
The ony two possible bad things about it I can think of are:
- capshis aren't awe inspireing (they are small and wits just a few turrets, but that's nothing a mod can't fix)
- missions seem to be generated on teh fly (thus, rather generic)
All in all, judging by the demo, it seems to me like a awensome potential. I only hope misisons aren't as generic in the ful lversion.