I've never played either of those (well, I have played WC, but its been like 20 years and I barely remember it), but in terms of games I am familiar with, it's kind of like Freelancer. The "universe" is a sandbox for you to explore at will, with optional missions available from multiple stations, as well as core story missions that you must complete. Unlike Freelancer, the ship in the game is upgradeable, but not replaceable. The upgrade system is kind of RPG-ish and it is possible to come up with many different ship configurations depending on how you use your limited upgrades.