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Nice, I think the core of your game is shaping up well. The movement mechanics are fun. "Dropping" and whipping around to kill the guys chasing you feels really good. I like to charge into them while blasting. Few things I noticed that might improve it

  • I think the camera movement could be improved. In my experience, a lerping camera feels best. Make the camera move towards its target at a rate of X% of the distance each frame (adjusted by the framerate of course). You can tweak the % to suit the speed and all that, but it keeps things moving in a smooth way. 
  • The acceleration feels a bit too high, making the movement slightly too exact. If the acceleration was a bit weaker, I think it would help sell the fact that this is a giant heavy jet flying around, and the engines firing take a moment to give you forward movement. This would add a lot of play to the movement I think.

Anyway I think you're on track. Keep going, this is a solid start. Also, don't underestimate how much getting a consistent look among things helps with a games feel. The look of the plane is great, might want to get some sort of vector drawing program and turn all the sprites into similar looking "vector art".

Thanks for feedback.
Vector art look idea sounds interesting. I'll see how it looks.