Following in the footsteps of Sega Ages, but not from Sega themselves is a remastered version of Steel Empire. Steel Empire is a horizontal shmup with a steampunk setting. The ship you pilot can level up by collecting power ups similar to U.N. Squadron.
If you missed Steel Empire and the Game Boy Advance version (only released in Japan and throughout Europe) you can get the game on Nintendo 3DS. Starfish, the makers of Elminage, is porting the game and adding a few enhancements. Steel Empire will have improved graphics, stereoscopic 3D support, and rebalanced difficulty.
Steel Empire will be released in Japan this December. UFO Interactive has worked with Starfish for a number of years and recently published Mamorukun Curse!, so they seem like a probable candidate to release Steel Empire in North America.