I will agree that the game rocks. I'm surprised, since I didn't like Ikaruga's over-memorization. And, well, Gradius isn't known for being lenient in that respect either. This, however, isn't very memory-heavy at all. You can easily make your way through the first levels on skill alone. I love it.
Also love how fast and smooth it is. And whipping around with your (Type 2) options kicks ass.
The only two things that really, really don't kick any ass whatsoever, and is in fact closer to being ballerinas, is the unskippable cutscenes (so very dumb for this type of game) and the option controls.
You hold L1 and then tap the direction you want the options to shoot in, alternatively just whipping around with them by holding L1 and messing with the d-pad. This becomes a problem since you can't manouver your ship and your options at the same time, so the ship just stops. Most of the time, it's ok, but if you're in a tight spot, it'll be a plain bitch to stay alive and get your shots lined up.
I feel rotating left with L1 and right with R1 would've been a much better system. Harder to learn, maybe, but easier to handle once you've mastered it.