It doesn't look all that great, but then again it isn't even available to test in Beta yet. I'm sure, like the rest of the game, it will improve as the game develops. It certainly looks to be 'on rails' as we've heard, but if the experience is still compelling, it shouldn't really be an issue.
In the end I will be comparing the games space combat to Star Wars Galaxies, which while arcady, was also very compelling and provided a great deal of extra content to the base game and let the players do what they wanted with their own ships, both combat and non-combat. So we shall see.