Elite is a rather good game with rather deep character flaws.
The trouble is that many of those character flaws simply don't exist in other online multiplayer games. Look at pve - WoW has it's dungeons, GW2 has dynamic events, puzzles, and the like, and TOR has decent storyline missions. Why are all of Elite's missions so dull by comparison? If you compare the raw content available in Elite to the raw content available in nearly any other online game, elite loses by a mile.
And yet the core gameplay in Elite is good. Very good. Flying your ship is a visceral experience, as are the limited forms of player interaction (pvp, piracy, murder, etc.). Most online games take a rather poor point and click interface with tab targeting and try to build a game around them - every now and then creating something fun. Elite has an amazingly fun core system, but it's like they didn't even try to put in content for it.