I had already seen this before in the shmups.com forum... some weeks ago actually
The game looks like Raystorm.. even the "amount of stuff on screen".. it may be good.
What's funny is that the 1st time I saw screenshots of this game, it was that selection of thumbnails in the official page. I just thought "Why the heck did they take so many boring screenshots of those panels?" Just when I opened one screenshot, that it hit me that it was the 2nd screen!