Well, this is the big reveal. Since it is going to cost millions, I have my doubts that it will be completed, let alone be able to pull it off properly. It is just too ambitious for today's gaming scene. In fact, when he said "instanced" combat, I immediately lost interest.
http://www.pcgamer.com/previews/star-citizen-preview-the-open-world-space-sim-of-our-dreams/
http://www.gamesindustry.biz/articles/2012-10-10-chris-roberts-launching-a-cutting-edge-space-sim