@John Savard
"Right now, what the world needs is a new way to get astronauts to and from the ISS, so the fact that this vehicle is unmanned limits its importance. "
Not really.
Uncrewed <> *incapable* of carrying passengers.
It's a subject that RE have looked at as you can see in this report.
http://www.reactionengines.co.uk/downloads/JBIS_v56_118-126.pdf
The unmanned thing may be a bit of a red herring. But as the UK never built a crewed rocket they never worked out a man rating requirement either. Note the Shuttle is *not* crew rated either. The aspects it does not deal with are met with "waivers."
I will observe that *not* being mated up to *huge* solid fuel boosters (which cannot be shut down in emergency) and a large tank with foam shedding issues ("mitigated" but not AFAIK *eliminated*) should put it head and shoulders above the Shuttle in the risky-features-we-cannot-do-much-about stakes.
More to the point would be how the US and/or Europe view it's crew worthiness. However if there were *other* places to go who did not care about such distinctions that would not matter.
Like an orbiting hotel for example.
However RE are *very* cautious about market projections as they *have* to be given the budget they need. This is why they are *very* cautious talking about *anything* but communications satellite business, which is *the* paying segment.
I will point out that a vehicle designed with a *very* small number of fluids (*the* key reducer of support costs on *several* NASA studies), basically LOX,LH2, hydraulic fluid and water, requiring *no* mating of components and with *no* on board crew *should* be able to substantially lower the price per Kg to orbit, given the propellant bill is roughly $1.68m. #
The bill for the Shuttle's expendable tank is about $1m, but the tank itself is roughly $12m and it's single use. However that $1.68m does not count topping up the water tanks and replacing they pyros (not cheap. The Shuttle has several 100 on board, along with their ignitors, each at about $400).
Unlike NASA RE has *no* standing army of people it's politically *required* to employ (and no desire to acquire one).