Project::OSiRiON is a free space trading and combat simulation under development. Its goal is to create an immersive universe with open gameplay inspired by classic titles such as Elite, Privateer and Freelancer.
http://osirion.org
Was shared on the #Freegamer chat. Looks actually very good, and fully FOSS as well.
I played it a bit on the official (MMO like?) server and while it is early days obviously (Edit: well maybe not, seems like this project has been around much longer than I thought), the basics seem to be there. Controls and gameplay seems very Freelancer like.