Bounder, I have another suggestion! Have you tested Evochron Legacy? Very similar to ED, even better in some ways. Has full newtonian flight model and very good hud to utilize it. Graphics are a bit retro, but very functional.
..i did give it a shot, but despite the positive reviews found it disappointing - i was put off by the gaudy, credulous 'skybox art', and the ship appeared to have space-speed limits... pretty much blowing the whole premise real ships in real space from the outset. I've only seen combat from YT vids but again, it looks more like ED than anything i'd associate with the Elite buzz; trading slow manoeuvring barrages at long range, with lots of flashy light and sound effects in place of any actual 'action'.
What i enjoy about Elite is the action - actually flying a high-performance ship, without any constraints, being able to pull crazy manoeuvres, to rotate equally well on all axes regardless of velocity relative to anything else, able to explore and utilise the full range of movement that is the core premise of "fusion-powered rocket tanks in space" - ie. no-holds-barred, twitch reflex scrappage. It's all about the ducking and weaving, turn'n'burn acrobatics, whilst maintaining situational and positional awareness and orientation relative to surrounding bogeys... dogfighting, basically.
Whereas in air combat we have natural, emergent doctrines of 'air combat manoeuvring' - the barrel roll, the 'split S' etc. etc., and the skill of bringing it all together - space combat adds its own unique twists on these martial arts, so in principle you can have the best of air combat, only with all the brakes off and all stops pulled... for an experience even more hectic and action-packed. Because isn't that what we want from a space combat game in the first place - to go beyond the earthly constraints of air flight? The central premise of Elite is to open up that undiscovered country of 'SCM' - space combat manoeuvring - basically, hardcore dogfighting, on steroids.
And this is why the anemic slow-pitching long-range barrage-trading special-FX spectaculars of ED and EL etc. just seem so dim-wittedly bankrupt to me. It's not just the squandered potential, so much as knowing - from experience with Elite - what is possible in terms of edge-of-seat arcade action, and so what i'm missing out on in any other game ostensibly in the same 'genre', but which completely fails to capitalise on its own core premise, instead opting for tired, misplaced air-flight tropes and noisy colourful razzmatazz.
CQB in space is fun in precisely the same way as the action in Meteors and Defender - same basic physics and gameplay, only in full 3D. Elite goes there. ED & EL etc. wander off in the complete opposite direction; spacey backdrops, cluttered HUDS and neon fanfares are simply no substitute for actual dogfighting thrills, and just don't provide any immersive hooks for me..