This is the first next-gen game I'm genuinely excited about. SingleTrac/Incog have never been about having the best graphics, just really compelling gameplay (and stories with a killer twist of humor, as well). I think I would prefer groups of enemies in formation, ala Time Pilot, to the original Warhawk's loose confederation of things that kill you, but I trust them to do well. I can't wait till the buildings start to open fire...
Also, art style is better than the original. There's a real art-deco Miyazaki-esque feel to the ships this time. It's everything I'd hoped it would be
Edit:
mrbob said:
I wonder if they'll throw the original Warhawk in with the game as an unlockable bonus?
Jeez, don't. You'll only make us sorry. The PS3 is fully BC, though!
Also, the new logo friggin' rocks.