It's a good game, a neat idea, and relatively well executed.
However, it constantly reminded me of guitar hero, and other rhythm based game. Although this lacked the rhythmic musical aspect.
Although you've got some new stuff going, it doesn't excite or interest me.
Some more solid criticism, is that gameplay is slow, as is menu navigation. The choice of font is poor, and you would benefit from something considerably chunkier, which would be easier to read and more gamey.
The addition of a speedier "Hardcore Mode" would be much appreciated, with faster play, and only one life.
Along with that, integrating newgrounds highscores, would be nice. So I'd then be able to brag about my score of 10100, and feel superior to people.
I'd give this game a solid 2.25 stars.