Right now, it's an arena (very, extremely early alpha, like /u/95688it said). It's basically people fighting people and ships fighting ships (or racing) in pvp, single player and co-op scenarios.

Lotta content, but early alpha. That's all we have so far.

As far as the scope of the game, it's gonna be a an open world FPS sandbox like WOW (built on the Cryengine that gave us Crysis/FarCry/Rhyse) with a map the size of a hundred and twenty solar systems (four hundred landing zones or GTAV type cities to explore).

The Arenas that we currently have will be built into the finished game as practice (games within games).

You can form a clan (hundreds of clans already exist in the official capacity, called organizations, you can view them here. It is sandboxy (open world, everything you find can be tweaked and modified, the entire game is moddable a la Skyrim or GTAV) to your hearts delight, and there are an unending stream of career paths, both lawful (bounty hunting, racing, extreme sports (sataball), mining, harvesting, trading, transportation, airline transit, info transit, exploration, scavenging, etc) and lawless (piracy, smuggling) with their pros and cons. You can pursue any and every career alone or with friends (as a crewmember on someone else's ship or leading on your own), and as there is no "class system" or "Stats" only learned skills, you can bounce from one career to another as you like (you only have to exchange the equipment and ships for the one career to provide for your new career choice).

Star Citizen also comes with SQ42, a standalone singleplayer/Co-op campaign (the first of three). In the open world, the campaign will provide your character with income and a title (citizenship).

Star Citizen will not be pay to play/pay to win, as everything available in the game is buyable with credits earned in game.