Cities might be an issue. Fauna and Flora? Check out Zoo Planet, which runs on the same engine for how far they are in development of that stuff. The rest is just good enough procedural generation (the thing NMS struggled with a bit, though they improved, and I doubt FDev cannot do better) and some aliens or few to keep you busy while more stuff gets added.I still have a little difficulty envisioning ED with cities and flora and forna. Maybe if they actually introduce the ice planets as they dangled the carrot for them to be, then it might be a little more believable that they could introduce other things than dust ball rocks
Unlike SC, I believe FDev will manage to actually procgen stuff, without having to place everything manually (though in some story cases they will do that, of course).