Otomedius is really not that bad. Honestly, i like it more than most other Konami shooters for the simple fact that dying in Otomedius doesn't completely screw you over (gives you a chance to pick your options back up). Sure, the graphics are somewhat bland, but trying out various speed-up/weapon combinations can be pretty fun. And yeah, the hit boxes take some getting used to and I'm not a big fan of tiny bullets.
I have mixed feelings about the scoring system in Regular mode. I guess I'm just not used to being forced to use bombs constantly in order to score well. It's cumbersome and unorthodox, but on the other hand, it allows you to power up insanely quick and bomb stock is also quickly regenerated.
I bought Otomedius G on release, but looking back on it, is it worth full price? Eh, I think it'd be worth it at $35~$40, especially if it includes all/some of the DLC.
I'm very surprised to see that it's getting a US release. Both due to the kind of game it is and some of its content. I have a hard time believing that it won't be censored in some way. But I guess there's a chance that Konami will mimic the way Aksys marketed Record of Agarest War (it may even sell better that way).