If you want the simplest summation of how things are coming along with the gargantuan project that is Star Citizen, here's 45 minutes from Cloud Imperium Games' presentation at Gamescom without annoying commentary or bugs.
The demo kicks off with the player getting out of their bunk, showing off the inventory systems, environment trackers, stamina and basic avatar customisations. It's basically a demo of Star Citizen 3.0, with a few features to be released at a later date, according to Chris Roberts.
After running around and accepting a contract mission, the player then leaves the breathable atmosphere and then drives an ATV before taking off in a craft. After the initial phase, the whole mission becomes a co-op affair, with a picture-in-picture throughout, with both players landing and exploring another planet.
Just briefly, here's what the overhauled MobiGlass - your "smartphone in the future", Chris Roberts calls it - looks like:
You can see the suit status on the lower-right, with oxygen levels, your suit's power output, and the pressure of the external atmosphere, which is neat. Chris Roberts stressed that 3.0 was still reasonably buggy, so don't expect a smooth-free experience any time soon.