I too am pretty irritated by the fact that the ship info is already in the game (you can see the ships, but they are greyed out) for the DLC cash in. However, I could not resist at this price point seeing as how it inculded the music CD, which I am listening to now. Yes, it's tinny, cheesy music - some of us love it thank you very much.
My wife and I played it on "very easy" and we still got our asses kicked. So badly in fact, the game was all "Hey, I see you suck at this game. I'm going to go ahead and double your credits after your first try. Let's see if you can get past stage 2 this time..."
By the way, we had a blast playing it. If you've already got a huge library of shmups on your 360 there's probably not a whole lot new or interesting here. But for us, we make such purchases sparingly and feel pretty good about this one.
Also for those of you that haven't played one of these on the console - it only uses 1/3 of the screen. That 1/3 looks pretty, but it sort of looks small amongst your whole TV real estate. I suppose this might be rectified if we play the game at 90 degrees. Haven't tried, but I saw it was an option.