I hate to be the guy to point out that a thread already exists, but:
http://forum.shmups.com/forum/viewtopic.php?t=2013
Anyway, Under Defeat, from what little you can see in those scans, looks good. Definitely heavily inspired by Zero Gunner 2, perhaps even intended as a tribute or spirtual successor, like Border Down was to Metal Black/G. Darius. Which begs the question: maybe it isn't just ex-Taito guys over at G. Rev, maybe they've got someone from Psikyo who jumped ship when Xnauts bought them out.
Anyway, I recommend we all play lots of Zero Gunner 2 to get ready.