My interest is part nostalgia for the 'good old days' of Elite, and part interest in the new features being brought to the game - especially the multiplayer aspect - we could only dream of that back in 1984 and I do remember discussing how amazing it would be with my school friends back then. So for me, this is a childhood wish that could well come true.
The graphics and physics engines only really need to be 'good enough', though Braben has said he will try to make the game as nice looking as possible on more powerful machines. Also nice to see this is an all-out PC game, with the idea of console ports being secondary, and possibly only coming much later.
Braben has also stated he wishes to make the game 'moddable' to the gaming community at a later stage as well.
I for one commend these efforts.