XS did a perfectly fine job with Castle Shikigami 2, with the exception of the voice acting. I think they learned their lesson after getting some backlash from Mobile Light Force. I'm looking forward to Raiden III.
I just wish there was a company -- and maybe XS could be this company, but if so they would really need to step it up -- that would just release shmups on the current systems. DoDonPachi Dai-Ou-Jou, XII Stag, Rajirugi -- there are plenty of them. Don't bother dubbing any voice, just translate the text, put 'em out at 20 or 30 bucks, and watch the danmaku fans eat 'em up.
I remember when Working Designs created their Spaz label for the same purpose, and put out like one or two games and then dropped it. At least we got Thunderforce V and RayStorm out of it.