please read the FAQ on the game's site at lodmmo.com as well as the recent interviews that Derek did which have a ton of information related to your questions.
Yes you can control vehicles, you can buy and own them. Space is not cut scenes, you fly around there just as you can on the planet.
3000ADGAMESCHANNEL commented and liked
We're still a small indie (10 people working on LOD) team working very hard as we always have and once the new site (lodmmo.com) goes live next week, you can all sign-up for a chance to play the game and be your own judge. I think that you will be impressed and surprised. We're also going to be releasing a lot of gameplay videos in the coming weeks as well over on our YouTube channel: 3000ADGAMESCHANNEL