So it looks like Star Citizen or Space Engine but with an actual singleplayer story and a more focused scope. Looks like they're only doing that one planet/moon system, or at most just one solar system.
The scale isn't actually what has me concerned. That's nothing that hasn't been done before. The only part of that tech that looked "new" was the massive scale terrain deformation from the meteors. One question I do have though is how are they gonna populate those big-ass cities? It's a problem that Elite and Star Citizen haven't really figured out yet. What concerns me is just whether they can get the funding to get it made. I have a feeling that if Ancel had Star Citizen's crowdfunding money he'd be able to get this game done because he probably wouldn't succumb to the same feature creep and obsessive attention to detail.
The problem with No Man's Sky wasn't that it attempted that level of scale, it's that it didn't have much of a game to go with it. It relied almost entirely on the procedural generation to provide content variety whereas other games like Elite use that procedural generation as a tool for other game systems. They, as well as BGNE2, try to simulate how solar systems actually work to create all kinds of different factors and then design an actual game around those factors.