Anyone hoping for something like Raiden Fighters will be disappointed. This is plain ol' Raiden, folks. Same helicopters. Same tanks. Missile pods are gone, replaced with more large fighters. The quick shot system applies to everything, with the multiplier decreasing the longer the enemies are on screen (max is 2.0). If you miss anything, they just remain on screen and continue to shoot at you while more enemies pop up to fire, etc. It gets hectic if you mess up. The shots do have to hit a specific spot of your fighter to kill you, so they're pretty easy to dodge.
The save feature of the game allows you keep your scores, optional replays, and ACE replays. The ACE replays are the absolute best playthroughs done by people who have, obviously, completely memorized the levels. Considering it was in arcades before it hit PS2, I can see that happening, but what I saw was sick, like a robot did them. Think the Ikaruga video, only simpler. There are some other options that are shaded, but I'll eventually unlock them.
Oh, and did I mention that it's 3D?