When the finished game is developed that are "modified CryEngine 3 engine for that sweet fuckin looks" you will be able to do pretty much anything in the game.
You can transport cargo to different planets and earn ingame money, upgrade ur ship/s with more and different weapons, more space for cargo. And maybe buy new ships, not really sure about that.
They game have its on universe and u can visit planets to collect cargo, stuff u find that u can collect and have on your own ship or in your ship parking lot Dogfighting other players or just be a plain old pirate, but in the future.
You can open the universe map to choose what solar system or planets u wanna go too or maybe even join a friend fighting on a specific solar system or planet to help out.
I have seen this game been using the Oculus Rift too for more real life experience so they will probably develop inbuilt Rift support into it if they haven't already done it.
Graphics looks amazing, and I am a graphics n3rd. All I can say I created my account yesterday waiting for payday and will by my drunk ass a ship. Note: They hope to have the game finished 2015 if I dont recall it wrong.
Star Citizen became the highest raising crowd-funded project ever. And in my personal opinion it seems great.
Here is some viewing from PAX 2014. And here are more specs from thier own site about the game. https://robertsspaceindustries.com/about-the-game