Some more information:
Ships allow you to equip certain items, like weapons and shields. The type of ship you own determines what kind of items it can be equipped with. A small ship may be able to equip a single laser, while a large ship may be able to be armed with an entire laser array.
Your ship can be renamed and you gain experience by flying it, making it slightly better along the way, and unlocking new abilities. For example, fly the "Icarus-class Shuttle" for a while and you will be able to unlock a special maneuver that may help you escape combat. You can also purchase some special abilities.
There's also a choice. Do you want to stay with that pathetic rusty tin can that you are super experienced with? Or do you want to upgrade to that fancy shiny military frigate, with which you have zero experience? It also makes it fun to pick a ship and stick with it, personalising and improving it.
A lot of equipment doesn't have to be installed on a specific ship, and carries along with you as you switch ships. Such as a heatshield that protects you from solar radiation, a minesweeper which allows you to pass through minefields, and a mineral scanner that reveals asteroids on the map that contain minerals and polymers (so you'll know where to mine!)
I've finished introducing a basic faction system. Each faction can be Friendly, Neutral, or Hostile to you. Most factions start off neutral. If you do things to help a faction (missions) you get friendly reputation, and are able to access options you wouldn't have had before, such as buying a certain ship or piece of equipment at that faction's space station. If you attack a faction's ship, it will turn hostile. This will spawn faction members that hunt you. If they catch you, they will allow you to bribe them (setting you back to neutral, and allowing you to pursue friendly status again) or they will attack you. Hostile bases such as planets and stations are off-limits, of course. They can actually be attacked and permanently destroyed. Everything can be destroyed.
All of the above is already working as intended. But the gameplay isn't quite there yet.
Here's a little something to give you a sense of scale:
Notice the sliders. This is only the centre of the map. Also, I've made it loop, so there isn't a sudden end or border.