Man, I love these types of games. From Starfox to the Gummi ship in Kingdom Hearts, they've always made me happy. I think you've got a great start to something, but my biggest issue is the readability of what is happening. The targeting UI around all the ships makes it difficult to see what you're actually aiming or dodging, and the explosions don't help with that. All in all with some visual adjustments, I think this could be an entertaining playthrough.
Music and sound effects are very fun and fit the theme! Definitely want to see more of this.