This game is called Ikaruga. It is prolly the most difficult shoot 'em up ever made. I have playedit and had to cheat with infinite lives to beat it on EASY.
Here is a Japanese kid playing it on Hard with out dying and getting a very high score. Shoot 'em ups are all about points and this game is much different then the shooters that you have seen. There are two modes of the ship. One mode (white) and the other mode (red) are used through out the whole game. While white you can absorb white bullets and get better points shooting the white enemies. While red you can absorb red bullets and get more points killing red enemies. Here is the kicker, after you have absorbed enough damage you can send it out, but you have to send the blast to the opposite color for maximum damage and points.
Basically if God played video games he would play this one and it would look something like this.
Videos of God playing Ikaruga
Their website is having trouble. Give it some time today.