Last Hope: Pink Bullets is technically an updated version of the original Last Hope, but it's kind of wrong to think of it that way. It's not like this version is a bugfix release for major flaws or game-breaking glitches. Really, it's more of a case where the original game was not very well received and the designers took a step back and tried to make their game more fun. Specifically, the original Last Hope was perceived as being unreasonably difficult. And when I say 'unreasonable' I mean cheap. The list of new features in Pink Bullets include such things as higher ship speed, instant respawn, a more powerful protection unit, pink enemy bullets, and "overall less hard difficulty [sic]". Most of those are alterations to general design choices rather than updates and fixes.
On the other hand, don't worry if you're wondering if Pink Bullets will be too easy for you. It's not. The game is still tough - R-Type tough - where success is based on level memorization and preemptive maneuvering rather than sheer reflexes. I play a lot of shmups, but they're usually of the later, mid-90s style. Not quite bullet hell, but a lot twitchier than these sorts of games. In other words, Pink Bullets hands me my butt on a silver platter. A lot like DUX, but that's a different review. I'll admit that this is wholly due to the lack of serious time I've put into the game so far, but I have to say it like it is. Buyer be warned: Last Hope isn't really a pick up and play game. If you want to get far on it without credit spamming, be prepared to replay the stages until you have the hazards and enemy patterns memorized.
The good thing is that Last Hope is a very enjoyable game to put time into if you're so inclined. The prerendered sprite graphics are reminiscent of other Neo-Geo shmups like Pulstar and Blazing Star, with bright lighting glare patches and fluid animations. The backgrounds sport a more hand-drawn, pixel art look, but the overall vibe is more coherent than you'd expect. The music is especially good. The game's OST is mellow and catchy. If you were into '80s and '90s European PC games you know what to expect, but the execution is very slick and well produced. If you've got a lot of money to spend, you wouldn't go wrong picking up the soundtrack album.
I'll leave it to you to check out videos of the gameplay for a better feel of how exactly Last Hope plays. Or, as I said, you can just think of it as R-Type for your Dreamcast with some tweaked features and brighter colors. I will say that using the protection unit didn't come easily to me, but I grew to love it after I realized that it makes you nigh-invincible to oncoming bullets as well as inflict huge damage to enemies. The beam chain scoring multiplier definitely makes the game much more complex if you're going for score, but so far I can barely clear the stages - much less worry about racking up a big multiplier!
Pink Bullets is the definitive release of NG.DEV:TEAM's very first game, and it plays well on the Dreamcast with either a pad or a stick. It works with VGA (and looks fantastic) and isn't that expensive anymore because of the recent reprint. Unless you're specifically into R-Type style games or Euroshmups it's a little hard to recommend buying this one over the stable of Dreamcast (or, more generally, Saturn) shmups already available, but it's a solid approach to a subgenre of shmups that isn't very well explored on the system post-2001. And if you already have most of the must-buy shmups for the platform, well...what are you waiting for?