Short Answer: Yes, this game is amazing. Buy it now!
Long Answer: I picked up this game last year from Nyu Media's website, and I'm glad it finally made it to Steam. Yeah, I've got a few buddies I'm going to corrupt with some Alltynex goodness.
There's a great sense of design behind this game. From the way the levels flow into each other, to the progression of escalating boss fights, everything looks in place.
Even the unique bullet colors have consistent meanings; some can be absorbed, some can be reflected, and some can be shot down. Knowing when to shoot, when to reflect, and when to just let off the fire button and recharge, is the key to victory.
The scoring system comes naturally. Use the reflect feature well, and get big multipliers. It's great fun sending off a mass of reflected bullets and homing lasers, followed by some giant x64 kills. Or for those who just want to play to the end and enjoy the spectacle, continues are awarded on a regular basis to aid progress.