This is good now.
It's so much bigger I can't really remember how it was before. There are faction missions to improve your standing (and give you something to do.) The UI has been overhauled endlessly; most notably, there's a quick menu for recharging tech. There's a new plotline, but I've barely started it so can't comment.
Base building now exists, and seems cool (it's vaguely like Fallout 4.) Bases have a teleport system so you can get back to them, then return to wherever you were. Bases can be used to farm for materials and cash, and built out to look cool. Mine is on a planet made up of archipelagoes covered in blue mountains and red grass. You can also buy freighters, massive capital ships, but they cost huge amounts of money. Oh, and speaking of freighters, I warped into a system to find a battle and ended up dogfighting pirates defending one of them -- it must have been a mile long.
Randomly generated new biomes keep things fresh (I saw a "Terraforming Catastrophe", blighted by 150 degrees temperature swings and choking dust clouds.) It's still beautiful to look at at all times.
You still start with meagre inventory space that needs careful management, but new game mechanics make finding upgrades much quicker and much less reliant on dumb luck. You also quite quickly figure out which resources you should keep a modest stock of at all times (iron, plutonium, zinc, thanium) and which you can safely sell at every opportunity.
It's still not a thrill-ride -- it's very deliberately a laid-back, chilled affair -- but that's fine. Everything doesn't have to be Uncharted. Some of the dogfights are tricky though.
Really glad I held onto my copy.