It's nearing the beginning of the end I'd say.
Even Down to Earth Astronomy just talked about it.
There's nothing really new being developed. Some much need optimization sure but the rest is narrative? Narrative is basically just coming up with stories. It requires virtually no development.
Are the new ships? New FPS enemies? New alien species to discover out there in the 400 billion star systems? Are they developing anything new and remarkable?
Doesn't seem like it. They left a 400 billion star system galaxy to basically rot.
It's a difficult question. I for one like the ongoing narrative and storyline(s) a lot. I wish they were more interactive than "just" the CGs for the respective storyline every couple of weeks. For example, there could be missions, rewards and fully voiced NPC mission givers. e.g. to support Salvation even between the larger CGs and advances in the story.
Odyssey, broken and buggy as it was, released only about a year ago and introduced new content in terms of Space Legs gameplay. It's just a damn shame that the main focus appears to be on action and combat gameplay, while exploration was indeed left with picking space flowers. I'm still disappointed FDev decided to not include exploration gameplay that utilizes the new game mechanics (cutting panels, hacking terminals, exploring abandonded settlements on foot etc.)
There is a chance that abandoning consoles finally allows FDev to advance Odyssey gameplay to on-foot Thargoid combat....but there it is...it would just be "pew-pew" again, possibly with yet another grind attached to it. Who knows, maybe this new engineering grind takes place in a new type of on-foot Guardian structure (if we get really, really "lucky")?
What I am missing the most is the lack of a proper "mystery" to explore out there. Something that is not wrapped in a storyline, but that requires the community to figure it out all on their own. Finding it, connecting the dots, learning to decipher the mystery one piece at a time. For example, think of discovering those three Guardian bubbles and linking brain trees to the existence of "nearby" Guardian ruins/structures. Stuff like that.
I watched the twitch recording of the livestream yesterday evening and thought: "Well...okay". I'm not really "hyped" or "excited" about the announced "content". It will probably be "alright", but it doesn't feel as if it's going to be a "historical" and "exciting" time like the first appearence of the Thargoid or the discovery of the Guardian ruins. If I can participate in it: "cool". If not, it's also alright and I don't believe I'm going to miss out on something big.