Here's something that I found while randomly searching for indie games on the 'net - a gameplay demonstration of Kairos' new vertical shooter, Graze. Doesn't really feel like two years has passed since we last played Varia, the other shmup that he made using the Game Maker engine.

And while we're on the topic of shmups, I should also point out that Linley Henzell (creator of Dungeon Crawl) is working on an arena shooter called Transdimensional Hellspider. The download link for the demo is only accessible to forum members though.