It's okay I guess. Pretty simple, not as many modern twists as you claim there are. The music and effects are nice but in the end the only difference is the speed, the time bonus, and the multiple collectibles rather than just one. One issue I see with this is that you could hypothetically get a higher score by stalling, since you get points just for surviving. It would be slower, but it would be a surefire way to get into the hall of fame.
This definitely needs more. The most obvious change I can think of is to have more objects on the screen - enemies, powerups, obstacles, etc.