Revoke

I suppose NQ's dynamic server/area splitting trick is intended to handle that.  I don't get the impression the ship interiors will be instanced, though.  Relative reference frames don't require instancing (and indeed, instancing would render them unnecessary).  But instancing of any kind doesn't seem to be on NQ's agenda.
 
In any case, they can come up with an awesome way to let very large of people play in the same area.  Bandwidth gets saturated in those cases in current games because N players in the same area requires N*N updates to be sent (each player gets an update about every other player).  If NQ is right about their system, it reduces the load to a linear load (N updates per N players, roughly speaking).  Changing the load from N*N to just N is a huge deal, and makes the kind of huge fleet actions you're describing entirely plausible!  It's why everyone's so excited about NQ's claim about their algorithm.