I remember an interview last year with Braben, and he stated that to do Elite IV the technology (in PC terms) was 4 years off.
strange how less than a year down the line theres an announcement for Elite IV for the PC, X360 and PS3..... hmmmm... (i know you are thinkin cash cow alexh!)
lets hope he does something good with it.... I need a reason to kick the wifie and kiddie outa the living room, close the curtains turn the lights off, crank up the volume and get emersed in a serious space sim!!!