Or MegaDrive for most of the world. The Shinobi 3 vibe is strong, but this stage has me pining for Thunder Force 4 because of the crazy gorgeous background parallax (for some dumb reason it's 'Lightening Force' in the states. Yes, it's spelled wrong on purpose. That's the official title!?).
You can't see the awesome parallax in the clouds from the pic, top and bottom with multiple layers, but it's sweet! The Genesis had a limited color palate compared to the SNES or even the Turbo Grafx 16/PC Engine, but when used properly it could do beautiful things. It's old-school as fuck, gameplay wise, which will turn some off though. I've only had a chance to play through a few levels, but I really dig what it's doing. Seriously, it's Genesis/MegaDrive as fuck!
*edit - I just realized I didn't even name the game in this post?! I posted earlier about this game, but regardless I should've posted the name as well here.
It's Vengeful Guardian: Moonrider.