There are honestly no realistic space shooters, at all. The closest you can get is "Space Combat" by Austin Meyer, but that's for PC, and really no fun at all.
Anyway, for Xbox360, the only thing I could find was "Project Sylpheed", which seems to be more like StarFox than Elite (i.e., no trading, or free-form flight), also, it's made by Square-Enix. Apart from that, there's like two or three in development, and the only interesting one seemed to be Precursors, but you've already covered that one.