I was personally put off by the fact that the MegaDrive limitations actually negatively impact the gameplay, while there are little gains that I see in that "limited space fostering creativity" that you would expect from the pitch.
In particular, there are bullet visibility issues (see the Electric Underground's review [0] for a more detailed analysis) which I think show how the console limitations would need a much deeper mastery to properly support such modern game design thinking.
However, "a Mega Drive game!" is a great sales point to the majority of people invested in the nostalgia market, with only a surface-level interest of what these games are. It's why it made it to the font page of hn, and not it's perfect 'traditional' sprite art, or its Yuzo Koshiro soundtrack.
I like shmups because they are pretty much "pure game design"; games are such a complete package of story, interactive experience, etc that it's hard to separate what comes from where. This is what makes design experimentation so interesting and rich.