So this is out. Finally got some points to buy it with today, and I played for an hour or two.
Overall, game's pretty awesome, but it has some weird issues. The friends leaderboard is fucked up; you can only view your friends' scores if they are online I think. They also "localized" the screen where you enter your initials by removing it completely. Well done, Cave! Not to mention, TATE is broken on CRT televisions, which is another thing that's really strange. I also can't find any options to adjust frame delay, so for people playing on an HDTV, they're pretty much stuck with some input lag.
But other than that, the game's great. Arcade mode is still hard as fuuuuuck; Blue mode seems pretty similar, maybe a tad easier (wasn't it supposed to be harder? Doesn't seem that way to me), and Xbox 360 arrange mode is pretty much like most Cave arranges: An easy game to relax with while you soak up a fuckton of points. I like it.
And of course the aesthetics are excellent. Great soundtrack and amazing art work. Joker Jun is the king.
Actually forget what I just said about achievements, you can get the 50million point one in 360 arrange mode. The 50pt achievement is "True Diabolical Power! - Destroyed Amagisu's final form without taking damage." Still, I'm pretty sure no one has gotten that yet but I'm too lazy to check MGC.