Check out this trailer, it is awesome! Söldner-X: Himmelsstürmer is an old fashioned side scrolling shoot 'em up like R-Type, Gradius and more obscure titles like Einhänder and SteelSaviour. It has been a long time since a good old shmup was made (without being a bullet hell type of game) and I'm really excited about it.
The game is being developed by the newly formed SideQuest Studios and is initiated by online retailer Play-Asia. It will most likely be released this year and will be for Playstation 3 and PC. It's weird that Gamespot doesn't have a game space for this one.
I really recommend you download the HD (720p) version because it really shows the game's graphical qualities.
More information can be found here.