pretty cool, though the first thing I noticed was the laggy reaction time(i.e. trying to bank left ending up loop and going the other direction). To me this first thing I look for and the first thing that ruins a game for me is the control reaction time. although it may be realistic in a way, it just causes frustration for me. so i think focusing on making the aircraft handle more fluidly before moveing on to what the level is about would be the best thing to do. yes I know it's just a concept but I think it's the most important part of the game is how the player interacts with the world and something that needs to be buttoned down from the getgo once you decide on the type of game you are going to make.
Also noticed when you crash your craft into the hanger you flew out of then reset, the particles/trails are still the crashes mode version.
I know this is just a test, and don't take any of this as a negative as it's just my first reaction was frustration on the control side of things, so just see it as constructive.
as for what the level is about, that should branch from what the whole game is about, why are you flying the craft,where is it happenning, when, what, who etc...so without knowing any of that it's not the easiest thing to provide feedback about that.
but in general I would say power up's (weapon,shields,lives etc... they are always good) in these games are paramount in keeping things fresh and adding progression to the player (if your going to go the arcade way). and a big boss at the end of each level is always cool. but like I said it's a bit hard to comment without knowing the direction you want to take it. hope that helps some