Well, it is similar to what you described. Integration to existing mission system could be improved though, and I don't see why they wouldn't.What I would have liked is for the new game to be an extension of, and fully integrated with, the existing game.
Hop in my ship, take a bounty or cargo mission to a planet. While on the planet, take a mission to go sabotage part of the station, or drive out to some nearby station/building, jump out on foot and take out a Bad Guy of some sort. Then back into my ship to fly somewhere else.
From what I've been reading here, that doesn't appear to be the case. Unfortunately, I had already purchased Odyssey, but I'm not sure if I'll ever play it if it's indeed some kind of stand-alone fps. I can fire up my old Far Cry for that. In this game I want to fly spaceships.