I'm guessing this new GBA game will be similar to that one. Ultra Keibitai is a vertical scroller like Raiden. You can choose from various science patrol ship (like the Ultra Hawk) to shoot lasers and missiles at UFO and various Ultra Kaiju. When you die an Ultra person will fly out and kill everything while you regenerate.
The graphics on the arcade game are pretty decent 3D rendered sprites. In fact they're pretty above standard for 1994. Hopefully the GBA version will look as good and play at least as well as its parent.
these are from the arcade game (PLEASE do not remote link these pics because it will kill my account pretty quickly if you do):
