www.kickstarter.com/projects/fullset/project-neon-a-brand-new-shoot-em-up-for-the-neo-geo/description

Well you don't see this very often, a brand new Neo Geo game is being made! It's a littel pricey but compared to what other homebrew games on the system go for, it's not too bad. My only concern is that it's really early in development and there's no way to know how it's going to turn out. They are asking for a lot of money and a lot of faith.

Quote from comments:

The state of the artwork and presentation is not representative of the final product. The footage shown is from an early prototype, with just a handful of first gfx sprites and animations created, many of them not fully finished or implemented. The general style will stay like this tho, so we're not going to switch to 3d pre-rendered sprites or something. But be assured that we're going to sweat a fair of more details on things.