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AirMech

AirMech is an upcoming top down shooter / RTS hybrid. It looks really promising… arcadey fast paced action + transforming from ship to mech on the fly + awesome visual style = potential hit!

In the above video the gameplay starts at 1:21 min.

Game is still in development (No Demo available / Closed Alpha)
There is also a 10 min tutorial/walkthrough video. Game is obviuosly inspired by Herzog Zwei and reminds me partly of the precinct assault mode in Future Cop L.A.P.D.
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Metroid: Coven

Metroid: Coven is a Metroid fan game in which you play Samus from a top down perspective.

Game is still in development (Demo available)
Video

Xeno Fighters R

Xeno Fighters R is a vertical shooter inspired by games from Psikyo, Cave and other companies…

Game is still in development (Demo available)
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Gyro-phyterNeo

Gyro-phyterNeo is an abstract arena shooter in which you have to destroy 4 enemy breeding things that are located in the corners of the map.

Game is still in development (Demo available)
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Desaturation

Desaturation is a horizontal shooter that is influenced by Chinese traditional painting.

Game is still in development (Demo available)