Enter the twist...
In Ikaruga, it is virtually guaranteed that you will. The only saving grace from all the incoming rain of fire is not an umbrella, but a polarity system which allows you to absorb like color shots and deal double damage to enemies of opposing color. In effect, this has given Ikaruga much more depth than any other shooter.
My only complaint is that Atari didn't bother translating the chapter quotes and the plot, instead, Atari decided to remove it all together. A shooter actually had an interesting plot (gasp)! Too bad the Gamecube owners in America won't be able to experience it.
For all of you with a craving for an old-school shooter, look no furthur.