Our compatriots at Joystiq did a little sleuthing and discovered that an ESRB listing has popped up for a Japanese title by the name of Senko No Ronde, renamed Battle Storm: Senko No Ronde for the states (search "battle" on the ESRB website). Described by Joystiq as something of a 2-D restricted version of the Virtual On series, the game presents players with mechs battling it out in space, complete with tons of on screen projectiles. The game is based on the Naomi arcade board, which was the arcade version of Dreamcast hardware, so the game is fairly dated in the visuals department. Battle Storm is listed as an Ubisoft title by the ESRB. Here's hoping Ubisoft has the sense to release the game at a budget price.
For some screens of the game, check out this old preview from TeamXbox.