Shmups are a timeless genre and very collectible. Too bad that since the 3D era the genre got replaced by first-person shooters, but once in a while there are still great shmups released. (like Gradius V and R-Type for the Ps2 or Ikaruga for the GameCube).
I looked around for shmups (2D only, not 3D rail-shooters) for the last generation consoles and came up with the following lists. Especially the XBox360 shmups are fantastic, and I tried to find out which ones are region free. Did I miss something, and is Under Defeat indeed the only shmup for the PS3 or are there Japanese or European Releases? Since the PS3 has no region-lock, it would be ideal for import-shmups.
(Dont mind the X's behind the titles, these are just notes for myself and I'm too lazy to remove them. A X means just that I have the game)
XBox360:
American Releases:
DeathSmiles X
Akai Katana X
Raiden Fighters Aces X
Otomedius Excellent X
Project Silpheed: Arc of Deception X
Wartech: Senko No Ronde X (Hybrid!: 2D-shmup/2D-fighter)
Raiden IV Limited Edition
Region-free Japanese/European:
DoDonPachi: Resurrection (European version (PAL) is region-free but not Japanese release!!)
Mushihime-sama Futari v1.5 Platinum Collection
Espgaluda II Black Label (Limited Edition is region locked!)
GingaForce
Eschatos
Bullet Soul
MuchiMuchi Pork! & Pink Sweets
Wii:
Blast Works X
Ultimate Shooting Collection X
Sin and Punishment X
Castle Shikigami 3 X
Ocean Commander X
The Monkey King X
Saint X
Ilvelo (Japan only?)
Milestone Shooting Collection 2 (Japan only) (incl. Radiargy Noa and Ilvelo)
PS3:
Under Defeat HD Deluxe X