The latter half of 2020 is also the start of the next console generation. A new era indeed. So I guess, given this development takes 2-3 years for Frontier, the Elite experience will be completely transformed:
- Brand new graphics engine (either Unreal Engine or a completely new version of Cobra)
- "Space legs" + social spaces
- Atmospheric landings - at least on non-water worlds and non-earthlikes
If the update was going to be released this year, I would guess only one of these would be realized. Given that it's coming at the end of 2020, which is like developing a completely new game, I do think this will contain all of the above (among a lot of other things obviously), transforming Elite really into a brand new game. This amount of development time should be enough for all these big features in my opinion. Elite will probably transform from a purely spaceship game into a first-person sci-fi adventure game (but almost certainly not like a traditional FPS). Either way, I can't wait.