Got the last copy of this at my local EBGames on Wednesday. Haven't had the chance to dig in too deep with it so far, but it's pretty much everything I liked in the preview demo, but cranked up a notch.
You get all your FX powers by beating Captain Blue at various points in the levels (which means that for the first level, which is the level on the preview disc, you don't have the fast-forward power, just the slo-mo one), but you also get to use the "Viewtifuls" you accumulate running through the level to buy power ups. If you lose all your lives on one level, you have to start over, but you still get a chance to buy power ups, so a few failed attempts may still net you the additional moves/health/lives you need it to make it through.
This is a really awesome old-school game. I love dodging attacks and then unleashing some slo-mo whoopass while the enemy is dazed.