No. This is one time where the graphics ruined the game.
In all seriousness, they are pretty bad. Collision is always off for some reason.
I've never found this to be the case. I don't want to argue aesthetics or anything, but your hit box is pretty clear in the game.
Nothing is as bad as the pseudo-mortal-kombat-motion-capture crap though. I sort of like the Protein's look where creatures are slightly cell shaded and just plain look silly. And isn't that what cho aniki is about?
As for the OP, yes, the PS2 game is a labeled Psikyo game, but not really Psikyo. Still, it's very creative for a shooter. Lots of unique bullet patterns, great music in the later levels, fun and appropriate level design, good for point-whoring, and in my opinion, good to play through a number of times. Plus, the mensbeam is the best executed in Holy Protein, whereas the other games don't milk its hilarity for all it's worth.