Gyrostarr seems to feature four ships competing to defeat enemies and collect enough energy to open a portal to warp them to the next level. Fail to collect enough energy and the portal won't open for you (But it will of course open for those who did get enough). The game can also be played co-op, with 2 to 4 players working together to open the portal. The game will feature a load of weapons, shields and other pickups to aid yourself and hinder others, so this looks to be quite a treat for multiplayer lovers. Might we suggest including Wi-Fi play?
Check out IGN for some exclusive screenshots and some sample music for the game. The game is not "officially" announced yet, so there's no clean, unwatermarked screenshots around yet, sorry!