The problem with doing the elite for the new age, is that unless its done right its just going to be a major waste of time.
Its pretty much accepted that making it a MMORPG type game is what people want, but in doing so a lot of what make Frontier and First encounters separate was the physics model and distance travel mechanics. This is going to have to be ditched in a MMORPG environment.
They could make it single player, no bad thing in my opinon, and simply make first encounters with up to date tech and story/gameplay.
In any case id rather it take a few more years to arrive than be rushed and not worth the code its made of.
In any case the major problem is this, to have the open ended game play that made the original popular you have to still make it enjoyable. Our tastes and expectations have grown with the technology, and simple randomly generated "take this to planetx and watch out for assasins" wont cut the mustard anymore. So they are going to have to make a lot of thought out gameplay missions and that in itself takes time.
The scope for starting with a rusted hulk and working towards a cutting edge steathed ship with alien tech weapons, and flying in realtime from one planet to another, down through the atmophere-clouds-into the city and landing at a spaceport with no loading screens or autopilots is the holy grail most people want, and that wont be easy to programme!
Imagine a MMORPG set in the elite universe though, with corporations out to destroy the opposition. Assasins working for the highest bidder, smugglers and pirates taking over whole star systems. The police and authoritarian systems ruling with an iron fist and hiring mercenaries to take out troublemakers... and all this in player run guilds.
The possible scope is like EvE on steroids in the "elite" universe, and all with constantly evolving ships and technology. It COULD be a wow beater if done right, but then again frontier developments does not have endless millions of pounds to spend getting it off the ground ( sadly ).
Personally i think that if a game ever does emerge it will be nowhere near what could have been *wipes away a tear*
Let us not forget, the thing that made elite and frontier so great was the imagination it stirred in you. The technology at the time allowed nowhere near the immersion we expect now, and thats what made the game what it was. It was a blank canvas for your imagination.