What is ELITE? Good question and while i could explain it, this site does a better job of it.
http://elite.frontier.co.uk/
Saying that for those that can't be bothered to look, ELITE was the grandfather of all the space trading games you see today. Released in 1984 and written by David Braben & Ian Bell, the game introduced many concepts that we all take for granted in modern 3D space games and was a huge influence for the creators of EVE Online amongst others.
I played it when it came out and nobody had ever seen a 3D space game where there was actual combat, trading and travelling the universe all in one tidy little package. ELITE used wiremesh representations of the ships in the game, although later versions started to use shaded graphics on the models.
There hasn't really been a similar game like it to be honest, many have tried and been found sadly lacking. I'd like to say Freelancer came close, but in all honesty it didn't, although the basic principles were there. Freelancer offers the same ideas but in a much smaller universe, but the advantage Freelancer has is it looks a million times better.
With the 25th anniversary of ELITE, i've taken it upon myself to create an ELITE ship pack featuring all the models from the original game that have been rebuilt and retextured by a fine gentleman called Griff, who very kindly gave me permission to convert them to FL.
First thing, the Coriolis Station, a little flyby
http://www.youtube.com/watch?v=OgunOsPTdRY
Ships are now all converted, icons done, in the middle of testing. All models have custom surs, icons and lightmaps and will be free to use by anyone who wants them.