Super awesome! I love how polished it all feels, the art is excellent and I have no idea how you made flying through the level look so smooth! My only issue is that it can get a little chaotic and hard to see near the end. The projectiles moving towards the screen are also a bit hard to parse.
But otherwise... Damn good game! I would absolutely play an updated version if you ever decide to make one. Love the Ikaruga mechanic too.