I thought I'd created a topic, but I didn't, so here it is.
Pictures :
Ship transforming :
<img src="http://i.imgur.com/SQdUh1j.gif" border="0">
Link
http://johnnysix.net/games/schmup10/
Feedback appreciated, AI , gameplay and an actual 'win' scenario are still work in progress.
Curious to know how it runs on other machines.
Seems to get great FPS in firefox, chrome not so much.
If you're curious to see what it evolved from, see here:
http://johnnysix.net/games/schmup01/