So far Cobra engine seems to be on par with CryEngine, or even better. Could you make SC with Cobra engine? Heck yeah. Could you make ED with CryEngine? Most likely not at this point.
As for style and visual realism - FD works from top down, and SC works slowly from bottom up. First alphas had very blocked out FD ships but nailed flight system. Then they added more details and with each release we got more details on our ships, more detailed shadows, damage visuals, etc. etc. Way FD works allows to narrow down gameplay while keeping overreaching system fundamentally sound. SC might have their demo now, but turn into MMO will take incredible lot of time.
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Yeah, I think SC fanbase are just very loud. That's why it sometimes compare to cult - which is unfortunate I think they are just overhyped and excited

It's like Madonna - whatever you will go in a world, you will get full stadiums of screaming people and they are most certainly not Americans