This is a Bullet Hell Shooter by Cave that is coming out in the US and EU in May. It has local co-op, and is presented in wide screen (16:9) and HD. It is a horizontal shooter much like Deathsmiles, but this looks to be more difficult (which is a good thing). This will also be Rising Star Games first title in the US.
I love these style of games, this is a day 1 purchase for me. It is currently available for preorder on Amazon for $39.99. Games like this were the reason I got a 360.
Here is a little video I got of my first time playing. I got this by setting my ipod in front of my tv, I think I'll try and put it a little closer next time. I'm still learning the scoring mechanics, and it looks like there is only normal difficulty and novice, I am liking it so far, I can get thru the first 2 stages on 1 credit so far.