•  A sleek new interface
•  Gameover screen changed
•  New options screen
•  Options and high scores are saved
•  10 backgrounds, 5 bullet colors, and 11 player's ship colors
•  Fixed some glitches with the powerups
•  Next level doesn't come until all bullets are gone
•  Ability to end game when paused
•  Ability to quit from main menu
•  Best high score is displayed on titlebar (instead of level)
•  Personal best (ignores preset scores) is shown on main menu
•  New high score table that displays: score, level, and accuracy for top 10
•  10 preset high scores to try to beat
•  New bonus level with stats screen
•  Increased enemy speeds for beginning levels
•  Slightly decreased enemy bullet speed
•  Increased player's bullet speed
•  Changed powerup texture
•  Powerup falls a little less often
•  Completly revamped scoring system
•  Scores are slightly based off of accuracy
•  New loading screen with loading bar
•  Paused text, level intro, and 3,2,1 are now images
•  Level intro is now displayed in realtime
•  No more 3,2,1 at level begin (only when you die)
•  Spare lives are displayed on titlebar instead of total
•  Scores now use commas for thousands
•  Fixed a glitch with 3,2,1 when dying on last enemy bullet
•  Enemy bullets come directly out of the tip of the enemy
•  Bullets from top row enemies are shown underneath the front row enemies
•  You can now fire using the O button or R trigger
•  New powerup that slows enemies for a few seconds
•  Fixed a glitch when having no score or no accuracy at game over
•  Fixed some glitches with the player's bullets
•  Enemies are less likely to fire multiple rounds in a row

Via PSP-Hacks