Space junk is fine when its far out, but as it gets close to the camera its rather low quality becomes pretty noticeable. Would it be possible to have it fade out as it nears the camera or ship, without disabling it altogether?

+1 :) Its ugly up close... but provides a good ability to perceive directions of motion etc otherwise.

The other option would be to improve the polygonal count of the debris... But that would be a cpu his nobody would want to deal with.