Fair one. I didn't play Elite but well aware of it. I suppose EVE comes close in terms of open-ended play but it's still restricted in the fact the universe is finite.
Eve is likely to be better than it, it certainly has more open ended gameplay but then it has been developed over the past 10ish years. what the latest elite is, is a version for folks who aren't looking for a monthly subscription game where the primary gameplay elements are real world players.
It's the single player version of eve with the extra multiplayer fun thrown in on the side.