Alright, but...
It's not a bad game, but the physics add nothing. The only difference between this and a classic space shooter is this is frustrating as all hell because you have to to dodge taking into account your ragdoll's momentum and the fact that it's almost impossible to aim where you want to while doing so. Think about playing Ikaruga or Radiant Silvergun or something while your ship slides all over the place, wildly out of control, and aiming in the wrong direction half the time. Not very fun, right?
If you're going to use the same engine as your previous games, it'd probably be a good idea to apply it to a situation where it's actually going to add something.