They're trying to put in way too many features instead of making the game playable.
I don't think that's entirely true. Yes, this game does suffer from scope creep, but they are working on making it stable at the same time. They have a very large development team, so they can afford to work on many things at once.
If you're basing this on the demo they showed last night, you should know that that was a preview of their development code, ahead of even the features in 3.0. I wouldn't expect any game to be particularly stable that far from release.
And wasting time making cinematics for new ships.
I can't disagree that the cinematics are pointless, but again, the people making these cinematics are likely in between tasks while the devs are whittling down bugs for the 3.0 release. Not everyone at CIG has the same job.