Remember how many people here have been complaining about monotonous missions, simplistic market trading, repetitive game play? That kind of worse.
If you want a vibrant universe a la EVE Online, then you need, well, online. You need the interaction of other players to create the narrative. EVE does have a lot of writers creating backstory and 'news reports', but they operate on a £5 million a month budget generated by subscription play. And all that backstory still has to come to your computer via online.
Give us local servers (stripped of any "spoilers" if you want, just give us the astronomical catalogue stars and the option to input our own galactic seed, missions, and whatnot) and we'll take care of that, don't worry.
Oh, and previous Elite games already had enough narrative. Most of the people who want an offline mode, if not all, would be perfectly happy with that.