Well..
I have been playing this for a couple of hours, and although I have to admit I did have fun, I also have to say that I agree with what others have said about the game being in lack. Here are a few points that I thought could use some improvement.
1. The inventory system. As so many people have said, and as I am going to be a bit blunt in saying. It sucks. Although i can guess what your abbreviations might stand for, the effects aren't always what I expect you should explain things. Or better yet just spell it out. As others have also said sort it into weapons and shields, as it stands it is a mess.
2. The recycle redeem system. Is way too random, sometimes you get back the same bloody things you recycled. You need to add a method to it. Take this idea for example. You could apply the properties of the recycled weapons/shields to what gets redeemed. In a tabbed weapon/sheild system this would work even better. Your naming system already suggests this could be applied. Allowing users to create custom weapons simply named by what went into them. Now that would be a good weapon upgrade system for a game like this. Either way the random crap you get back from the system as it stands sucks. If I can actively do things with my weapons inventory want to be able to make a step forward rather than backwards. Weather it is a recycle system or selling crap.
3. Also as others have said the vertical line of enemies gets old, fairly quickly. evasion becomes a snap. The bosses are uninteresting. It just really feels stagnant.
4. The conversations involve too much inimportant talk. Even though I generally enjoy a story I got way too boored with the story in this to care and found myself skipping it better than half the time. Because I knew it didn't matter to my game progress.
Hope you keep working on and refining the game.