It's a decent start, nicely done! I'm liking the hi-res look of things, the ship sprites and enemy sprites look really cool and I'm enjoying the projectiles and effects too! I play shmups a lot to relax and enjoy the genre, so I'd love to see this do well, so a few suggestions if you wanted to take things to the next level: 

- Big swarms of enemies! It gives a cool sense of power to the player when you can blast through ranks of weak enemies, in between fighting the tougher ones, go for almost constant action with hardly any breaks. Putting them in cool shaped formations helps too. 
- Higher player bullet speed, fire rate too maybe. Just increasing that a tiny bit makes things feel more immediate. 
- Super tight hit boxes. Always good to double check the collisions on a game like this, it's often best for the player ship's hit box to be a little bit smaller than the size of the sprite, you get more "that was a close one" type moments!

Best of luck with your development! 

It's a promising start. Sound effects and more visual feedback would be nice but I understand it's an early build and those aspects come later.

But I have no idea how this is inspired by Megaman, It feels like a completely different genre and theme.

I recall a game on the Amiga that was similar to this but also had missions/levels to enter from within the topside level. I don't recall what that Amiga was called but I could see this game becoming a modern variation of it.

Nice presentation overall :) Here are my points:
- Pacing felt too slow, there seemed to be too many dead moments where nothing happens, these could be interesting for a boss build up though;
- Every hit I took felt like I should have been able to avoid it, maybe there's an inconsistency between the ship visual and its collision \ hit detection;
- Ship is pushed back to the bottom of the screen, not sure if this is usual behavior for shoot'em ups, this puts less emphasis on backing down to avoid projectiles, which might be part of the overall strategy otherwise;
- There doesn't seem to be any winning condition, I reached 630 points, there were no more enemies and I've spent the last minute going through a yellow plane background without anything happening;
- Scene felt too empty, but that really depends on how may hours you managed to dedicate to this project;
- Liked how some enemies could be hidden under the clouds sometimes;
- I failed to see the relation with megaman outside of the itchio art, making it feel somewhat baity, especially with the page showing seemingly unrelated art without any actual screenshot of the game itself;
- Project description puts emphasis on air and land mechanics but that doesn't translate into anything outside of having different enemies, reading this I'd expect I can maneuver the ship differently based if I'm in the air or on the ground.