Big fan of Ikaruga and I also got Sin & Punishment on the Wii (however my LCD semi broke so I have yet to play it). It will probably be a pretty decent game that doesn't get the sales that it deserves. Seems like the usually make niche type games.

It will be a superb game if treasure does what treasure does best. When they do, games like sin and punishment, guardian hero, ikaruga, Alien soldier ext, gets made. When they dont..this:

Hmm, I wrote Contra in the OP as a joke (since to me, it's still the best game by "treasure", but remember that e3  2011 teaser?

I "remember" seeing news this game was cancelled, but looking again I don't think so - can't find them

Well, that would be a personal megaton - I love contra 4 - even though can't finish it on normal difficult.

Wasn't there a Contra 3DS game announced waaayyyyy back?

gotta love treasure...i believe they came out with a 3DS (and japan) exclusive SHMUP just a little while ago too

here it is:
http://www.eurogamer.net/articles/2012-09-12-ikaruga-creators-upcoming-top-down-shooter-kokuga-shown-off

Actually, that's just the creator of Ikaruga, it's actually by G.Rev, the developer behind such classics as...

http://www.gamefaqs.com/features/company/73042.html

my mistake...i knew it had Ikaruga tied to it somewhere

I never finished Sin & Punishment: Star Successor...
I wish my Wii wasn't in a different state...