I used to play a somewhat similar game back in the day - one with a procedurally generated galaxy (much less detailed and technically advanced), but no combat whatsoever. I used to dream about a sequel, or at least a spiritual successor, too. No Man's Land might well be a dream come true - IF the developers don't mess the combat aspect up. I just don't want the combat to be of the "my pulse cannon is bigger than yours" variety.
That said, godspeed to the developers. The trailer is very impressive and I'm going to give the game a chance no matter what.