This may be from 2012, but it's only a tech demo and not comparable to a full-blown game. It has one single planetary surface while Elite has to work with a whole star system, background simulation etc.
Also it probably uses hardware that would be enough to run Elite twice on highest settings.
I suggest you take a look at the planets that are landable in the game right now, and add a few oceans and atmosphere in your imagination. I don't think it will look much better than that, at least as long as Frontier doesn't plan to drastically change their system requirements.