Just got it, gave it a few runs and watched the top replay (1bil). First impressions:
-When I booted up the game, it made me download a patch. Title screen says ver 1.01. Not sure what this fixed.
-In the replays, you can skip a stage (forward or backwards) with the LB and RB. LT and RT fast foward 2x or 3x.
-When set to tate (vertical) screen mode, the ship select screen is still in yoko (horizontal). The ending is also in yoko, which is pretty weird. Like DOJBLEX, all menus are also still yoko. Clearly they coded this vertical screen mode at the last minute. Maybe a patch will fix things.
-Scoring is proximity based, which isn't really my thing. Top replays have the player on the top of the screen a lot.
-Graphics are great.
-Music is not too good IMO. Just crappy guitar rock for the most part. I was disappointed with this, especially since they give you the soundtrack on a CD (which I will never listen to!).
-Bosses are well-designed, but it takes too long to take them down. They should have sped things up a bit there.
-Bullet patterns are pretty nice overall, if a bit generic. Some of the boss patterns are really good (Especially the stage 4 boss).
-No slowdown.
-Character and ship designs are great, they each play pretty differently.
-Not sure about the loop, I 1CC'd the game (on my second credit), but didn't get a loop option.
More to come after I spend more time with the game. Overall I find it fun to pick up and play, but a scoring system is what makes or breaks a game for me, and I'm not sure how much I'll get into this one.