It's very immersive, but sadly lacks content. As it is, the game is just a (well working) framework that needs to be filled with more gameplay. It feels a bit like the very early version of Minecraft, when the Terrain generation was working and the result looked cool, but apart from digging out blocks you had nothing to do. Elite is - more or less - Euro Truck Simulator in space.
Elite is deceptively fun for the first dozen hours or so, but once you reach the mid-tier ships, the game devolves into a giant repetetive grind. All the activities available aren't really providing lasting engagement for the player. When you are flying your trade route for the 10th time to make 2.5% progress towards the next ship or when you go on your 5th exploration tour knowing that it will make much less money per hour than trade, you start to notice the game's problems.
I'd certainly recommend to get it if you ever find it on discount. In my case I shared the cost with my brother, since we both play rather irregularly anyway.
So... Yeah... It's not a bad game, but a bit overprized for what it has to offer.