A good question... and yes, you can indeed 'eject' your unfortunate passengers from their seats during the ride, should the mood take you!
We don't have a set in stone release date yet but hopefully we should be able to show you a little more of the game soon.
We are actually just about to go into a closed beta, which people were free to register for over on our forums (http://forums.frontier.co.uk/). Unfortunately the window of time to apply for the beta has already passed, I will make sure to post here if it repoens though.
I can't go too much into details, but if anyone has any questions I'll do my best to answer them for you. Just fire away!