Celerystalker, like always I liked your game description a lot and that you brought this game up, but this time I have to disagree with your evaluation.
I read about the game in 1990, found the set-up interesting because I love Greek and Egyptian mythology, but bought the game only ten years later when ebay was in its infancy and you could actually find great deals there. (Rygar and Legendary Wings were actually the first games I bought on ebay, both minty mint and for 1.50 each complete)
I was disappointed by the gameplay, I found the level design boring, no atmosphere, and the game was just too hard for me, I made it hardly past Level 1. (I'm not so bad at shmups, I finished Gradius, Life Force, Gradius 3, 4 and 5, MUSHA, Super R-Type and many other shmups)...and the big heads which sucked you in I found just annoying.
I tried again just a couple of months ago -- same thing, I put it back on the shelves as a mediocre shoot-em-up at best. I don't know where you guys find your enthusiasm for this game.
But thanks for reviewing it, I like your game of the day threads a lot!