Since I had a smooth 1h of actual gameplay in SC today I think I can compare what we have.
What SC have and ED dont is the walking around and EVA - its pretty great, especially EVA, its immersive and it adds whole bunch to mess with - I landed on a asteroid and took nice space walk around the belt, got back to the ship and went to fix the comm array in EVA - very cool experience.
Also I really like the idea that you have to walk up to your ship. Elite needs this, and I can't believe there are people who says it's a waste of time to develop first person experience in a space sim.
Second the travelling around the "instances" feels way more smooth in SC, maybe because of scale of the place, still its good.
What I don't like is the flight model and dogfights. Granted it's much better and natural than it was before but still its not very enjoyable with HOTAS. Elite hotas and track ir setup is pretty much perfect and controls are spot on.