Their planetary stuff is obviously better, but graphically I think FSO has them beat. Their explosions look pretty ordinary, and the models aren't what I would consider particularly pretty
There are a few cool ideas in there, like the projected lines for the fighterbay at the end - maybe we could steal that... simulate it with node-type rendering of a special normally invisible submodel, or just glowpoints.
That said, yeah, it'll be good to see it released. For the right price, I might even buy a copy. More power to them.