After seeing it mentioned on Bowch’s blog I did a little digging and yes, David Braben says that Elite 4 is on the way. It won’t be as big a deal for most gamers as, say, GTAIV, because too many of them will be too young to remember.
The original Elite(wiki) holds a very special place in the hearts of gamers of a certain age ie those of us who now have phones with nearly a million times more memory than their first computer. I don’t think I ever attained the hallowed status, only getting as far as Deadly. I played both the Frontier sequel games as well, but they were so buggy it was a terrible experience.
Please let Braben be telling the truth. I’d love to see what can be made of this flashback to my teens.