Got it. I think it looks nice and there is definitely fun to be had with it. Even though I hate checkpoint shooters, I've enjoyed what little time I've spent with it. Heck it's nice to have the dreamcast up and running. Nice euro-trance soundtrack too.
But serious shmupers will be dissapointed. For those who haven't been following the drama filled thread over at shmups, the long and the short of it is that a member found an way to easily counter stop the game...in the first stage... the first day he played it.
Oh, and they also ditched these previously promised features in the 11th hour:
3 loops
adjustable difficulty
configurable controls (really?!?!)
IMHO, it's worth playing but don't get your hopes up.
If you do decide to get it, they have just released a patched version with some fixes (namely the stage 1 counter stop) which if you are just ordering you will probably get. If you pre-ordered you will be able to request one at some point in the near future for free, or so they claim.