Oh, sorry for that. It actually was not my caught -- it was sent over in an e-mail conversation, but seems it's posted at the Shmups Forum (let me know if you need an URL, as I can ask).
And yeah, I watched it once and didn't really get a grasp on the mechanics, so I'm not saying much in this regard yet. You know crosshairs aren't my cup of tea, and saw a lot of crosshair moments, but it's the freeze-frame thing what concerns me the most as of now.
As for visuals, despite not being sold at all on the sprite style as I think that belongs more in a generic RPG than in a hard action game, I'm loving the backgrounds, the animation, the details, and especially the sprite size -- it really looks like something beyond 16-bit hardware without all the modern shit ('cept for the wide aspect ratio). You know I'll always say it's a shame it's not 4 : 3, particularly for a 15-kHz CRT-compatible game (unless this has changed), but I'm glad an effort like this isn't wasted with assets at different resolutions, ultra zoomed-out camera and overpopulated 3-D effects.