I don't think the technology is a problem, even if he says it is. He has been planning or actually working on E4 for a long time now, I don't think he would have decided to make a game which would only be possible 10+ years into the future. What made the previous Elites so special was that nobody thought games like that were possible.
It better be another ground breaking game because he has had long enough to prepare and iron out any problems. I don't want Elite becoming like duke nukem, laughed at every time there is another press release or talk about release dates.