Indie companies have shown many times that they can make a very enjoyable FPS with amazing gunplay for a fraction of a cost, just take Killing Floor as an example.
Indeed, and Killing Floor is pretty poor in that respect compared with their Red Orchestra games, which feature huge maps and vehicles as well as awesome gunplay.
The difference with ED is that we won't be landing our ships in shoebox shooters (not even very big shoeboxes), but in realistically scaled worlds and in a variety of ships and stations. Not only does the FPS game (for want of a better term) need to work in vast, procedural open environments (with all the mapping, scaling, texturing etc, not to mention in different gravities and atmospheres), but will also need to offer varied gameplay so we're not just doing the same thing every time we land on one of the billions of planets in the game.
And let's cut Frontier some slack. 18 months ago there never was going to be a new Elite game and now we're just a few months from it being released, complete with a dynamic, procedural galaxy with billions of star systems and a full background simulation of political, commercial and developmental activity. Nobody has done that before, not in 12 months or 12 years.
If it takes another year or two for them to bring an equally unprecedented FPS style aspect to the game, then fair enough. Given how long it's taken some straight-up corridor shooters to come out, another year or two isn't that long to wait really.
In the meantime we'll all have the most advanced space-sim ever made to play.
It's all good, man.