Focussing on any FPS kind of stuff would be a huge mistake. Star Citizen has taken its huge ressources and developed around the idea of having a player character separate from his ship from the beginning. The game is built around that idea. It is actually built around a FPS engine! Boot up Arena Commander and you start out standing in a hangar, looking at your enterable ship. You get in, move through the detailed interior and finally, after lots of animations involving your pilot's seat, get a look at your HUD, where the game distinguishes between things projected on your helmet and elements visible on the canopy. Similarly, they have already shown a ship landing at a spaceport. The pilot can get out, walk through a terminal and enter an outside environment, complete with shops you can walk into. Some pretty convincing and certainly high fidelity FPS combat has also already been demoed. At one point, gravity goes out and you can see various items suddenly floating around along with the combatants.
ED is not going to be able to compete with that in the forseeable future, and neither should it.
SC will have to keep the lowest common denominator quite firmly in mind when it comes to core game mechanics. It's a Hollywood Blockbuster and it certainly has some heavy monitezation through pay2win'ish elements baked into it. Elite, not so much. ED could still fix its background simulation, enhance and extend the ways the player can interact with that simulation & fill the universe with (procedurally generated?) points of interest in every sense of that word. It should strive to become the thinking man's Star Citizen. How realistic is that? No idea, since we don't know how SC's persistent universe is going to turn out. The chances of actually competing in any meaningful way are certainly a lot better than they are if ressources are poured into FPS stuff.