This is a pretty nice conversion. Lots of options both gameplay/graphics-wise.
When I got to level 2 in R-type I realized I'd never actually made it past level 1 in the arcade, lol. I played Delta and Final, but I guess I never played R-type 1 or 2 outside of occasionally at the arcades and never made it anywhere those times. This should be fun!
I've been really happy with the portings of classic shmups to X360 lately. Japanese developers seem to be putting a lot of love and care into their X360 ports and loading them with all kinds of graphical filter options so the player can decide how authentic he/she wants it to be. Same with tons of gameplay options allowing old school difficulty or allowing the player to actually SEE ALL THE LEVELS if they choose

It's much better than the early days of X360/PS3/Wii/PSP where companies were just rom dumping stuff in emus (although they're still doing that on the PSP too often

)
Also I realized considering how many shmups I now have on the X360, I need to buy a new controller with an actual working d-pad. I have an arcade stick but I've never been a fan of sticks for shmups. I play all my PS2 shmups on the DS2 d-pad. I think I might grab one of those madcatz SFIV X360 pads specifically for shmups.