The true, honest to goodness answer ( that a lot of people really don't want to hear) is, yes. That's it.
They have taken a game that was 20+ years old and brought it up to current technological standards. If you ever played the old Elite:Frontier game, it is absolutely identical. Sure, there is a lot better graphics, and yes, I can see and interact ( in a very limited fasion ) with other humans, but for all intents and purposes, to date, all Frontier has shown is is a rebranded 20+ year old game. Sure, there are a lot of promises out there, and a lot of hopeful " wait and you will see" kind of hype, but I think as far as release goes, they are going to finish polishing out the bugs, and are going to call it good.
There will be a lot of howling about things like "Where is the rest of the game?" or " I can't believe all this time and money was spent for this" kind of thing going on, and the DEVs will say how they have the basic game all laid out, and you will just have to wait for the expansion. I hate to sound so pessimistic, but from what I have seen and played, that will be what happens. I truly hope I am wrong. I truly hope that they actually have a few things up their sleeve to throw out at launch that will give us something to chew on until the first expansion.
As far as what we DO have to play, it is an enjoyable experience. You truly can decide your own fate, do what you want to do, and not really worry about grinding out gear and gold. Sure, credits will get you better equipment, but even a well kitted out Sidewinder will get you where you want to go in this game. Having been a younger man that spend many many hours playing the predecessor to this game, I am grateful that it has received an update.
Regardless of what comes out at release, the DEVs better get themselves sorted and on the ball. While this is a great game for the nostalgic, the fact of the matter is that players expect a lot more in today's gaming. A considerably better multiplayer experience, storylines, and as much immersion as they can punch down in code needs to get done, and done as soon as possible. As the game stands now, if Star Citizen is even half of what they are promising, this game will become nothing more than a small footnote in the evolution of Space simulator games.