1. Flight and combat is beyond awful. It feels like noclip mode in an FPS. It is flat out not fun and is neither arcadey in the way that Freelancer was or anything close to the realistic physics Chris Roberts was talking about.
2. The engine appears to be fundamentally broken. Constant clipping issues, physics glitches and utter weirdness abounds and I cannot see how they have a hope in hell of fixing it any time soon. I don't want to even think about what a mess the networking code must be. ("It's an alpha" is not an excuse.)
3. Audio and art direction is a disaster. Flying a ship subjects you to a bombardment of tedious audio effects which are not helpful, pleasing to hear or even consistent. The art is grey grey grey cookie cutter sci-fi. Most of the ships look like something a ten year old would draw if you asked him to make a cool spaceship.
It fails on the basics, even before you get onto the FPS and the bajillion other things that have been promised.
I completely agree on all three points.