I got NMS a month ago or so, it's kind of a different beast entirely, though the two might seem similar on paper.
Pros:
Really strong base building (I was able to build a base with an underground submarine bay in less than a day, including gathering the necessary mats), pretty cool and varied ground vehicles (esp now when they added mechs just a few days back), and the planets, while nothing spectacular, have a fair amount of different climates. Also, the game is really easy, and doesn't require a lot of grind to get any toys you want. The game seems to be updated constantly with significant additions and gameplay features added all the time.
A free fleet carrier I guess, lol.
Cons:
Combat is very weak, both on the ground and in space, the flight model is very simplistic, ships all feel samey. Exploration is a bit meh, as you'll be tripping over outposts, burried technologies and materials no matter where you land. This abundance really messes with the feel of exploring a harsh and dangerous universe as you're never more than a minute away from finding whatever you might need for survival.
All in all, it's a fun little game, and the devs will always have my respect for managing to completely turn it around since launch, absolutely burying its players in constant, free updates and additions.
That being said, I don't think it will scratch the same itch that Elite does, the game feels very casual, and taking off in your ship for the first time might feel like switching from Photoshop to MS Paint. But ofcourse, you can still have fun with MS paint, just don't expect a very deep experience.