It's good for what it is, but with repetition it gets old very quickly (it's actually more limited than the original Star Fox in some ways).
They certainly could expand it, but they aren't ever going to over come that type of games inherent flaws.
Now PvP in a proper off the rails version (more X-wing vs Tie Fighter or Freespace) would be great.
HOLY-COW! that link in your sig to the Star Wars Freelancer MOD is FREAKING AMAZING! I had no idea they made a Star Wars MOD for Freelancer. Is it still available?