I've been playing this for the last few hours and I'm really enjoying it. Adventure mode is okay - it's pretty easy and doesn't take much time to finish (getting all S-ranks and collecting the Cave logos). I'm already done with it and don't have much desire to go back since I already got the 200/200 (which is really easy).
Score Attack, on the other hand, is the real meat of the game and it is absolutely excellent. You go around the stage, building up your hit counter (maxes out at 100) and building your mutliplier until it hits 1000, and then, just like Death Smiles, you power up and suck up tons and tons of points. It's fucking great and it becomes quite challenging after you've done a few rounds of it.
So this is basically the best score attack game on XBLA. I guess Cave's genius can translate to other genres after all.
PS. And I'm ranked #1 on the Spring stage in score attack. Come at me bros.