Infinity: Quest For Earth is a somewhat similar idea to Eve Online (in the way that Warcraft 2 and Bauldur's Gate are both Fantasy games), set in space with an emphasis on exploration and combat. Like Eve, there's no planetside or interior ship part of the game, and there's no avatar you control or that controls your capability. In fact, combat is done more in the line of a Space/Air combat simulator or First Person shooter. In other words, you're the pilot and your combat ability is based only on how well you directly control your craft. There will be no aliens, either. Humans are apparently enough to fill the galaxy. And did I mention it's a whole galaxy? We're talking billions of planets to explore, conquer, purchase, etc. You can own your own ship, buildings on a planet, space station, or planet if you can get the cash.
Scale and distance are supposed to be realistic, too. No transition or loading times between space and planets. You can take off from a planet and fly all the way out to space seamlessly!
So how is this all possible, considering the huge amount of content needed for a project of this scale? Well procedurally generated content makes up most of the game art, including all the planets and landscape. Buildings, vegetation, ships, and space stations are the only things that will be modeled by hand, and even then cities and vegetation will be generated automatically using those models as building blocks. Cool!
It looks extremely good at this stage. Here's a few screenshots to give you an idea.