MLF2 is a port of Shikigami no Shiro, a shooter apparently developed by Taito. It has been ported by XS Games, and if you can look past the horrible cover/title screen (which was changed from the Japanese game by the way) and slim instruction book this really isn't a bad buy.
My initial impressions weren't that good but after a little more play time I'm fairly impressed. The coolest thing so far has been the "tension shots" where, if you let enemy fire skim you your shots become more powerful. There seems to be some leveling up going on too but I can't be certain as I've only played for about 15 minutes and haven't looked at the manual yet.
Here's a thread that has quite a bit of discussion of the games finer points. Check it out if you're interested.