Cool + Cool = Meh
First off, is this a re-release or an upgrade? I swear to god I played this months ago.
Anyway, I love side-scrolling shooters and I love RPGs, but this combination of elements of the two failed simply because the game is ungodly boring. The presentation is good, the story touches and narration are acceptable for this genre (especially for the 16-bit shooters) but five minutes in, I was fighting the same enemies with a weapon completely indistinguishable from the one I started with.
That is completely unforgivable in a side-scrolling shooter. There's a good concept here, but the entire gameplay would need to be overhauled to make it work.