No, it's not Elite IV. This is FFE D3D, a seemingly little-known (most of the community sites are still gushing over the much more mundane glFFE) Russian project to bring First Encounters up to date. As you can see, it's looking pretty stunning. While still a bit rough around the edges, it's absolutely playable.
These guys really do deserve a big pat on the back, this is an incredibly ambitious project and the progess that they've made in such a short time is admirable.
Spacesimcentral have been kind enough to put all the relevant downloads in once nice and easy place (otherwise you have to trawl through the Russian forums):
Also a couple of extras here (including the eagle models):
Yeah, I'm a big fat nerd.