I see alot of similarities and of course heaps of difference.
I am very much looking forward to Star Citizen...but at the moment it is to early to know if it is closer to dream or reality.
Elite Dangerous, I was a Beta Backer. It has some simply brilliant elements, however its open world (a 1:1 scale model of our entire galaxy, with 400 billion star systems, rendered to reflect our ACTUAL galaxy as best we know it) is currently a bit 'weak' on 'why am I here'. The group dynamics don't exist (they are improving this in their next release) and the feeling you are 'part of something' is missing. If you enjoy just being you and doing what you want with your own made up goals, solo exploration...well its is blisteringly good. The flight model, the audio, the visual effects are simply stunning.
Combat is very well balanced and very skill based.
It has implemented 3 layers of travel to manage the sim v game element.
Pottering around (say a local station or combat zone) is effectively the 'real sailing speed' we have for Sea Trials.
You can then travel with in a solar system at sub-light speeds, with lets say the trip from earth station to say neptune station taking 10 mins, a trip that can be interupted by pirates etc. But you could fly there at slower speed if you had the months to do so.
Finally there is hyperspace that allows you to 'jump' from one star system to another in just a few seconds (fuel allowing).
Naval Action I hope will do a better initial implementation of 'group' dynamics as well as giving the player a 'place' in the open world...a point to it.