I would like to see a fast-travel option that allows you to select any set of coordinates within a certain radius that depends either on server settings or on some sort of hyperdrive engine block count (and maybe geometric arrangement, the more complex the better). Then you disappear within an area that is the size of your ship's maximum dimensions that represents a portal that stays open for about 30 seconds. The portal should have visibility. Like a bunch of translucent glowing ice crystals or something. Maybe make it flicker 5 seconds before it closes and disappears. A sudden flash, such as a plex beacon flare, when it closes might be a nice touch. Any ship that can fit within that area can follow you, but anything bigger just flies right through the portal without entering it and without taking damage.
When your ship goes immediately through the portal, it is in an alternative sector (a generic, maybe temporary, hyperspace sector that is not part of the regular universe) for an amount of time that is dependent on the distance between the departure sector and the destination sector. It would be great to have an animated background to replace the space background in this sector. Lock the traveling ship to 0 velocity in this hyperspace sector. They shouldn't be able to navigate within hyperspace. The time spent in the hyperspace sector shouldn't be a matter of days, like you sometimes see in Star Trek or Star Wars, but should be in minutes (maybe 5 seconds of "hyperspace travel" per 1000 km).
The player should be shown, when selecting the destination, how long the hyperspace travel will take (Example: 4:30), with a minimum of 20 seconds of travel, even if they only pick the next sector over. Then, while they are in hyperspace, the player gets a message (and maybe a quick little alert sound) saying that they are 10 seconds from exiting hyperspace, to give them that time to get back into flight mode on the main ship. While they are in Hyperspace, the player will be free to move about the cabin. I envision it as a great time to get into build mode and fix damage, or go to a plex locker and rearrange some inventory for trading at a shop. Anything the player needs to do that is not flying the ship. Any ship that follows should not be able to see or engage them during this time. It's purely down-time, where the player doesn't need to be alert for attackers. Then they get that warning message that they are coming out of hyperspace, and have a short time to finish up and get back into flight mode. If the player is detached from the ship in hyperspace when the ship exits hyperspace, kill the player immediately. Harsh, but that's life in the 'verse....
When the alert sounds 10 seconds before exiting hyperspace, the game is starting to load the destination sector and all related chunks in the background. Prior to this, the game finds a random open spot in the destination sector. If there is no open spot big enough in the target sector, adjacent sectors are checked for a spot. If no spot is found there either, the ship is destroyed and the player is killed. Automatically do the same thing to any ship that pursues through the same portal. Even if the pursuing ship has a few more seconds before exiting hyperspace, just delay a second or two and take 'em out, to avoid wasting their time. (Although, it might be more cinematic to kill them after they have had to wait those extra seconds. Plus, that would give the original player a few extra seconds to take care of business after respawning, before the pursuer respawns next to them.)
Now, assuming a safe spot is found for the ship to exit hyperspace, they are spawned in that location (teleported from the hyperspace sector), and an invisible portal is spawned in the exiting ship's location. Any pursuers will spawn in this area as well. Since they are known to already fit in the original entry portal, we know they can fit in this portal as well. All exiting ships should be given enough speed to clear the portal in about 1 second. If any ship is still in the destination portal when another ship comes through, that ship is damaged. I'm not sure if we should kill it outright, or do a block-by-block overlay assessment. It might be less frustrating for the victim player to have block-by-block damage when a ship that exits hyperspace overlays the victim's ship. However, that's a big lag spike right there, especially given that the exiting ship will be automatically given a speed to clear the portal. And especially if the victim ship has any velocity of its own. The exit portal will close the same amount of time after the entry portal closes: 30 seconds. More fun versus less lag. Maybe a server setting. If the server can handle it, they can set it to damage-overlay. Otherwise, if the server operator is concerned about lag, just kill the victim ship outright.
Now, assuming that the exiting ship has exited successfully, once the exit portal is cleared, the velocity should drop much faster than normal space friction, or even braking. The ship should travel some distance, but should slow down quickly. The player can immediately push the throttle. Depending on current speed, you can almost immediately hit your top speed and hold it when exiting the hyperspace exit portal.
Upon exiting the hyperspace portal, shield storage should be 0, and should stay there for 5 seconds. Then it starts recharging like normal.