now with environment mapping you would be able to see the nebulas and suns and stuff reflected on the ships, this is not ray traceing, it is environment mapping, BIG HUGE UNBELEVABLY MASSIVE diference, in fact they are not even in the slightest bit related, they are about as far apart as two thing can be while at the same time being rendering effects for use in CG.
environment mapping is a lot simpler than you probly think, you basickly render the background to a texture then use the polygon's normals to determine what part of the texture they should be showing, in this way they aproxamate the visual apearence of extreem reflectability