Since "content" is limited to the procedural Galaxy (which still lacks alot! to be an interesting place), Gameplay mechanics, Assets (i.e. Barnacles, Guardian Ruins, Stations) and Gear of any type you can get (Ships/Equipment/RNGineering), there is more than one problem.
a) no Sandbox
Nothing needs to be said about it. The Game relies on central planning, fixed assets, fixed Scripts, fixed mechanics and fixed outsomes. Unless Frontier approves or moves something, nothing happens with sole exception of the limited BGS effects.
b) Q4 might extend our "more of the same Syndrome" Galaxy that only sports a mere few handfull of Stars & Planets, multiplied Billions of times.
At least a few tiny Details came to be, Cones and the new Planet Shaders. That's not much, but at least something.
c) Mechanics != Gameplay
...at least when you're not programming exclusively for Android/iOS or Consoles (as a casual title).
Still lacking tons of variation and scenarios, things just become predictable. Plus, Mechanics have the ugly nature of being... well.. mechanical. They can be easily gamed and prone to be exploited.
d) Assets have actually come a long way - but still have long ways to go
How about a MegaStation with 200 Pads? Unauthorized Installations that each look and work different? A Pirate Base that's not just an Outpost with a skull illuminated (which remains in place even after a lawful Fed/Alliance/Imperial Faction takes over xD )
Nothing against Standardization, but docking at a certain Station Economy is 100% the same somewhere in the Pleiades, as it is in Colonia. No difference, no character that would suit the location.
Could use more variation, more customization to build character with regard to the region it was built.
Plus : Players can't construct their own assets. No Sandbox, no colonization, no FOBs, no nothing. Just spectators as usual, manual intervention needed or a CG to change anything. Can't even improve or add a Facility at an existing Asset.
There's all that long-term motivation and gameplay potential going out the window; actually it was never inside, not invited.
e) The Gear
Our beloved mobile prison cells.
Actually we got a very nice selection, so on the content part our Ship variety doesn't look bad at all IMHO.
Problem is : you can still only follow the handful of activities that the Scripted Game allows. That's it.
No amount of different Ships can remedy doing the exact same things over and over.
Having to run the same principle hoops (Grind) to outfit or RNGineer/Guardian your Ship clearly doesn't help that.
------------------------------
Either Frontier
- allows Players to create and deliver their own content (= transition the Script Monster into a real Sandbox and provide the Nucleus & Tools for the Players to start building something)
- or they face the prospect of having to add and micromanage a few dozen new professions, create 50-100 new Tourist attractions and add several hundred smaller discoveries somewhere into the Galaxy every year just to keep Explorers busy
.... or continues to toss mechanical Unlock-Grindwork, 1980's gameplay and inject cyclic PowerCreep into the pond in a hope to create "game time"
I guess a fair verdict is due not before the V3 Beyond Season completes.