It is really nothing like Ikaruga, other than in spirit of course. The music and the visuals are fantastic, as is the gameplay. The short range sword is a great play mechanic, and a necessity for mastering the game. I like having all of the weapons available from the start, with the option to power them up in whichever order you choose. Some people don't like that, but it is really a matter of taste.
While I love the game and think it is great, I wouldn't say it is worth the asking price. If you can find it for under $100, go for it, but as far as the $150 and up I have seen it hit in the past, forget it! It is a great shmup, but there are others that are just as good if not better for much more reasonable prices.
Hope this helps.
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