Yes, that is the truly technical approach. It would have even been a valid one if Frontier would have chosen not to advertise it as a "Definitively" multiplayer and "epic". It still does makes sense technically because other than the obvious technical functionality, the rest is indeed subjective. In this case, from an anthropophobic (fear of other people) perspective one can definitively interpret just "existing" alongside other people (when you're lucky enough to be in the same instance that is) as a definitive multiplayer experience and an MMO.
People don't have many options now (I think EVE is for another segment of the players) but other similar titles like Star Citizen will be out this year and people who got suckered by Frontier will flock there. If this poll is representative (and I'm not saying it is, I think that there are far more who want true multiplayer) you are looking at an aprox. 52% of ED's players that will have better options elsewhere.
If I was working for Frontier I would definitively take in consideration this multiplayer issue, try to probe it better with scientific data-gathering and interpretation tools and plan for my future player retention rate so that when other titles come out players will have been comfortably settled in the game world they expect and paid for, so that it would actually make sense to stick around.
I hope I have adequately responded to your question.
