Hmmmn... having spent the last hour with it, "awesome" is not the word I'd use to describe Project Neon.
My overall opinion is, it's ok. I might have had a slightly higher opinion if it had been on Neo CD and cost $60 or something, instead of however many hundreds I shelled out in the original pre-order.
The main game graphics are for the most part pretty decent, and don't look like an Amiga game ported to the Neo Geo like the crap NGDEV shovel out every half millennia. The attract mode is a bit meh... looks like something you'd see from a Euro dev for Mega Drive.
It' is great to finally have a Neo shmup with a Tate mode, so that's a huge plus.
Toaplan's influence is evident, and that's no bad thing, although it doesn't have the polish of a Toaplan game.
Sound is ok. The music is instantly forgettable, but is suited to the game. I'd have liked a little more speech, and there's no sfx for explosions which is a bit odd.
Gameplay is average for this type of shmup. There's no difficulty adjust on the AES cart - don't know about modded consoles or MVS. You can add more lives in the options and that's about it. Difficultly curve isn't bad for a game with only 5 stages, but some of the later stage enemies are just annoying bullet sponges while they dish out spirals of bullet death (this is danmaku if you didn't know). I am impressed with the hit detection - that is very good. I never felt cheated when I lost a life.
Would I recommend this? Probably not unless the Neo Geo is your go too for shmups... but then, if that's the case, you've got more issues than whether you'll like Project Neon or not.