The objectives are allot like battlefield 1942: capturing spawn points. The ships are built out of multiple components, and each of the components can be destroyed separately, changing the ships capabilities on the fly. Large capital ships will be about 20 times the length of a fighter, when you fly one, you're view will zoom out and fighters will be represented as green and red triangles around you - your focus being mostly on smashing other large ships.
The engine is very advanced for a 360 style shooter, but the content pipeline isn't great: hence the need for tools. There aren't any ships taking advantage of all the engine has to offer at the moment, but heres a screenshot of a few-assets code test:
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