Digging around Youtube this weekend I came across this trailer for Space Force G. It is a 2D oldschool shooter project coming to Xbox Live Indie Games. I got in touch with the creator, Phaxan, and it should come out in mid 2010. You can follow his blog to keep up to date with the progress at http://munesoft.blogspot.com/.
Trailer
Game Details
Phaxan has been working in the gaming industry for 5 years as a 3D artist, but this is his first solo project. His main goal is to pay a tribute to old shooters that he used to play when I was a kid, especially those on Genesis : Thunder Force Series, Gaiares or on PC-Engine (Aero blasters, Dead Moon, Parodius etc.). He wants to give it an anime style all along with good looking characters to be the closest to a japanese game. Being a little project, he plans to make 5 stages with some replay value depending on the time it takes to create everything.