Ikaruga fans might be interested in this rather unashamed clone, Kyotokei. While it has a differing horizontal perspective and a more fantastical aesthetic, the games core mechanics are clearly derived from the Treasure Co. classic.
The game will be hitting the North America WiiWare store August 11 at a cost of 500 Wii Points. It's promoted to feature two player co-op with fast and smooth gameplay, at 60 frames per second, all over 5 levels with differing environments and bosses at the end of each level. It's also worth noting that Kyotokei has both Classic Controller and Gamecube Controller support too for those of us that prefer a more responsive control.