All they have confirmed is that each class has its own player ship and that apparently it will be like a hub where you can interact with your companions similar to the Normandy in ME2. They've haven't confirmed or denied that there will be actual space content.
Also what sort of alternative could you have to the 2 faction system? Every class picks its own side based on its light/dark balance? That would be a huge problem because each class has its own personal quest line similar in length and scope to the original KOTOR and how would Bioware handle a player switching sides at any random point in the story? As it is they've already got like 8 different KOTOR games rolled into one here, if you had to make even more diverging paths in every class's story so players could switch sides at any point you're going to have a game so huge its literally never going to be released.