Esp.Ra.De or Gunbird 2) and the action is everything you'd expect from an arcade vert shooter from 2001.
You choose your character (and there is a hidden one) and off you fly. There are three main modes of attack that are accomplished with the two buttons. Your first button is for your normal shot and your charged shot (hold it down). Actually, the charge shot isn't so much a shot as a closer-up sword-like slashing. The second button is for your "bomb", or in this case your "Vasara" - which is essentially a super-duper version of the charged shot.
So with nice graphics, tons of action, good controls and interesting scoring, Vasara 2 is another great example of a modern shooter - one that doesn't have the wide acclaim it deserves.
There's a nice, detailed write-up on this game over at shmups.com.