Earlier this year, G.rev worked with Cyberfront to port Mamoru-kun Has Been Cursed! to PlayStation 3. Now, the shooter developer is bringing one of their arcade game to PlayStation 3. Famitsu has the scoop on Under Defeat HD, a PS3 port of the vertical scrolling helicopter game. 
 
We’re still waiting on full details, but the release date – January 19 slipped out. Under Defeat (SD) was also released for the Dreamcast back in 2006. 
 
Update: G.rev will release Under Defeat HD for Xbox 360 too.

is it going to be retail? i've never heard of this before. 

At this point we don't know whether it'll be a physical or digital release.

http://jin115.com/archives/51821262.html
 
Spring 2012, packaged LE w/ bonuses, remix mode (widescreen), tate support, date unfixed.

The first screenshots: http://www.famitsu.com/news/201111/03005021.html 
 

So it's a Bullet-Hell-icopter game?

I hope that this might be a sign of a possible Border Down remake, although that's probably more because I don't have Border Down.

Official site: http://www.grev.co.jp/udhd/index.html

The release date is February 23. Here's the first screenshot of the widescreen remix mode, which turns the game into a vertizontal:
 

Great! I was just recently lamenting the lack of Raiden-style games on PSN.

The first trailer: