Decent game
A pretty generic shooter style game with a few nice touches. Liked the colour scheme, wasn't really apparent to me why you chose black& white but it worked (did you just like the word monochrome? heh).
Felt a lot more solid to play than most games of the genre, with proper hit tests and good visual effects. I'd say in the same league as stuff like RaidenX.
One of the highlights was the difficulty level, you just it just right where the game gets you hooked trying to beat it, but doesn't give in easily (and I was playing on EASY mode, man I must suck.) Enemies weren't bad, those turrets were a real pain in the ass. It played well even though the enemies flailed around mindlessly shooting.
The constant background got a bit tiresome as well, perhaps you could have replaced it every so often with an API pattern or another space style graphic.
I loved the sound, if it was all your own work then congratulations! Fitted really well with the game and didnt get on my nerves either :)
Only problem I had was that it wasn't apparent to me what those powerups were doing, was there an explaination somewhere for each one? If there wasn't then might I suggest one for ver.2?
Nicely polished game overal, well done.