
System: You have two buttons: fire and blade. Fire... well, I think you can guess what it does. Blade does two things: it either reflects bullets near you or activates a "combo" that makes you kill all the basic enemies onscreen if you hit the button while -really- close to an enemy. Either use of the blade entails several seconds of recharge time. Hitting both buttons together makes you bomb - and your bombs are REALLY powerful.
You main weapon never seems to power up or down... which is a kind of a letdown. Your number of options can change, but I'm not quite clear on how.
Also, whenver you fire (yes, even just tapping the button) you move more slowly. This is kind of disconcerting at first, as you can't move around and just tap the button to move quickly while firing...
Visuals: Decent. It looks a bit more advanced than the average Naomi game, but not as good as Raiden 3 (this is also a Type X game, btw). The scenery varies in quality, from some very dull fields to awesome looking castles. Enemies look allright but a little low on the poly count. Bosses look quite good. The bullets are all sprites, you and all the enemies are polys.
Sound: Barely audible in the arcade I played it in.

Homura feels a bit like a mix of Psyvariar and Giga Wing, but I'm not totally sold on it. It's not bad, but it's not quite great either. I've only played it three or four times now... but I'd give it a 7/10 offhand. Fun but not exceptional.
Edit: If I seem to be being a little harsh in the ratings, I just noticed I forgot to mention something fairly important. Your hitbox is supposedly outlined by a red dot on your character, but I could swear that your hitbox is actually a little larger than the dot is. Either that or the bullets have no "extra" pixels on them (like they do in many games) and touching -any- part of them is lethal.