I kind of have mixed feelings about the PS2 port of the game. I'm so used to Cave's design of their shooters, and I was thrown for a loop when I found out that Eighting actually made this game for them. In arcade mode, when you hold down the fire button, your craft doesn't even slow down! I'm also not thrilled to know that it's sometimes necessary to simply die.
Arranged mode fixes some things by making your fighter slow down while the fire button is held. It also lets you keep every weapon you pick up along the way, allowing you selection of them and different formations for the slaves (something that was simply a special powerup in arcade mode). They balanced out the gameplay by making the game more difficult and disallowing continues, but it's the more fun type out of the two.
I'm looking forward to Black Label and Pink Sweets, which are the update and sequel respectively. Supposedly, they'll both be out in arcades this year. Who knows when though.