Sure is alot of assumptions being thrown around about a game that isn't even in Beta yet!
While the opening post is a bit silly, I think some of you are far too defensive, slamming Elite and saying how quickly its going to die.
I personally see no reason that both sims can't live in the same space. They both will have VERY little in common, beyond being set in space and having the Elite name, and some similar ships. Based on current designs for Elite I think it will be more comparable to FFE/FE2 then the original game, which Oolite is based off of.
People who are playing Oolite loved the first game, and alot of the reasons we loved the first game didn't really transfer well into the following games. I backed Elite and I have no doubt that it will be a fantastic game, but I feel Oolite will live on, its so different from anything else in development, and the 'magic' is still there! I can easily see myself in a few years still plugging away at Oolite! The expansions and constant development just make this gem continue to shine.