The question you should really be asking is "what if space-legs as you envision it never arrives".
The biggest challenge for space legs is what happens when the player gets shot in the face, in your interpretation of space legs - the CMDR is dead (Visit to a rebuy screen?).
Raiding parties - why risk it? PvPers want the ship kill, PvErs want the cargo/bounty, why risk getting shot in the face when you can claim the reward by destroying the oppositions ship? There is another space game under development that is built around shooting people in the face, why should Elite become a clone of that?
If we are all Hologrammatic "Arnold J Rimmers" then if we did have raiding parties, getting shot in the face, the CMDrs 'light bee' is destroyed and they are back in the cockpit awaiting the countdown before another light bee is printed by the ship, or just running out of the cargo bay door looking for another laser bolt with their name carved on it.
Although saying that if we are all Holograms when we do have space legs, the whole issue of holding anything and shooting anyone in the face becomes moot as you can't pick anything up.
FDev has said on numerous occasions that Elite-Feet is a long way off, which for me means 2-4 years at least. And more critically the walking function should have a gameplay reason, not just shooting people in the face.
Concentrate on the now and enjoy twaddling those knobs to get the best representation of a Space Trump, or Cyber DBOBE to scare other players with.... forget about Elite-Feet