Yes!! Preorders are open soon!Its being Produced by Taito!! Reminds me of layer section on the Saturn!
http://www.play-asia.com/paOS-13-71-x-70-h36.html#
I hear its very old school, and backgrounds are bland :/ but damn, the screenshots look great! Looks a lot better then the Baldor Force game which is censored to hell (not that i wanted to see little anime girls get raped anyway )