It's probably closest 1984 Elite. If you have some nostalgia over that or any of the later clones such as Oolte you are likely to enjoy it as a high definition version augmented with the possibility of seeing real players (or you can play solo) and some more exciting combat mechanics and the ability to choose different ships. The ship upgrading is far more detailed.
Although it has some of the features of Elite's sequels such as bulletin board missions and of course the Milky Way model, it doesn't yet include the ability to land on planets, so might not feel as free as Frontier/FFE and many of the features of those games have yet to make an appearance such as passenger missions.