FPS boarding and ship combat definitely do not take part in different instances, per their current plans.
I wouldn't be so sure they're way too ambitious, they've got tons of funding with more coming in every day, don't have to spend 50% of their budget on advertising, no publisher to tell them to make X feature and Y feature an expansion pack/a new game, their lead guy, Chris Roberts, is actively involved in development and clearly has a vision, and has made good games before, etc.