It took me longer than I thought it would to post these quick impressions. And that's good news. Streams of people (not too heavy, but steady) prohibiting anyone from playing more than one round - not to mention people crowding around and pointing incredulously - means this shouldn't fall to the wayside like Guardian Heroes Advance.
Playing as my man Red, the first stage unfolds as a building assault, and it's immediately apparent that anyone worried that the larger sprites would scale down the chaotic scope of the original should not worry. Though there's never as many enemies on-screen as Gunstar Heroes, they do spawn endlessly and Treasure better mixes the soldiers and the laser-shooting, erratic little copters.
Red has three weapons: a fast gun that shoots all the way across the screen and most resembles Force+Force; a slower, stronger one that has limited range that most resembles Force+Fire, and the chaser laser. The chaser isn't the end-all, be-all gun like it was before; now it'll only home on enemies in its path so aiming is required. There are no more mechanical ducks in this level; instead, health is dropped by big enemies (larger than regular, but not quite mini-bosses). Interestingly, fighting almost all of the health-droppers is optional, and it's up to the player whether he wants to take them on and risk a net loss of health.
As I'm about to leave the building on the airplane, and after an apperance from the Emperor, the end boss of the first stage (or, at least, I presume he's the end boss; he slaughtered me each time), there's a huge explosion in the background, complete with mushroom cloud, and the first boss appears: an orange monster who takes up half the screen and is only seen from the chest up. It grabs the airplane and proceeds to grind me into the ground with it. It's a tough fight, until I notice that if you hit its hands enough, it'll raise it in pain for several seconds. I concentrate on damaging his hands one right after the other, and my plan is a success: he drops the ship and the ship flies off, right after it jettisons two health globes and some green power-up.
Clever strategy, wasn't it? Actually, no: the monster gets extra-pissed and now has a laser attack, which gets me each time. Oh, well. Next time!
The E3 demo has all four selectable levels, which includes the mine stage, Black's stage, and a plane shooting level, though I only played enough of the first level for impressions. I'll try to hog the kiosk some more tomorrow so expect more gameplay reports.
Oh, and on a final note: NO SLOWDOWN!