It is a good attempt, but there are a few issues that you could fix.
1. The upgrade system seems flawed, because of two reasons. First, when you change the stage, the progress you one has made towards upgrading is not kept (for example, I needed 7 points to upgrade in the end of level 1, then in the beggining of level 2 this became 40 again. Second, when the apparent ammount of points is collected, no upgrade takes place, and the counter keeps going into negative values.
2. Difficulty is high from the beggining of the game, since the ship's bullets seem too weak to deal with the swarms of enemies and the player ends up dodging most of them (instead of destroying them). That is not necessarily bad, but it also increases exponentially with each stage. A fine-tuning of the parameters to mediate this difficulty might be in place.
3. Some minor improvements, though not crucial, could improve the game experience. These include: a preloader, a better start menu, and some strictly aesthetical issues (for example, the text indicating the points needed to upgrade does not fit well with the rest of the game's feel).
These said, the graphics and effects are beautiful and the game has a solid feel to it. If these issues are fixed, we might be looking at the next frontpage shoot'em up.