Heed the word of Beo. If you're holding out for SC you'll be depriving yourself of enjoying ED for a good while still before it is out.
I agree that there's little chance that we see a release ready version of SC for at least another 18 months. I still have reservations about them getting the first installment of Squadron 42 out this year, as they've suggested they will. And that's coming from the local Star Citizen fanboy
Elite is a terrific game, and much like the project development plan that Star Citizen will follow, has many years of expansion, improvement, and evolution to go. The two games will happily co-exist. Eventually.