Good, but it could have been so much better
The gameplay in my mind was just fine, and the story was enough to at least make me wonder how it would end. The characters each had nice differences, but truthfully I felt that the blue ship was pretty much useless. It was nice to have a ship that could maneuver more quickly, but the 15% chance of dodge was far less useful than the perks the other two ships provided. I only saw the dodge manifest itself a few times, and every time it was completely negated by another bullet close behind the dodged one.
Another fault I saw was in the items. Sure, there are a healthy number of unique weapons and plenty of variations, but getting the variations is more time consuming than it should be. While playing, I felt like I should not be finding a standard shotgun while I'm level 20 and the enemies I'm fighting would hardly be scratched by it. I was hoping to find some nice weapons and occasionally a rare every mission or so, but it just seemed to be random, with the number of possible weapons growing steadily. Also, the recycling system was utterly pointless. It only once gave to me something useful, and that was soon replaced by a random stroke of luck in the same level. I was hoping that maybe if I recycled enough material to make five items, it would give one item of high quality, but nearly every time, whatever I redeemed just went back to into the recycling.
All in all, the gameplay is very enjoyable, but the item system could use some work.