It's absolutely gorgeous. The homages to 80's anime like Macross, Zeta Gundam, and R-Type itself are phenomenally executed. Voice actors Haylizbeth and RicePirate do an outstanding job, although its hilarious how your UK bleeds through getting an American to say lines like "buggered."
The whole thing is brilliantly colorful, and it's astonishing how much labor went into this thing. I recognized your style IMMEDIATELY as the TIE Fighter anime from a few years ago, and MAN, you've really improved a lot since then. However, there are many moments of unnecessary over-animation. The character spouting off and roasting the arcade, it's wonky dialogue, but man, he just doesn't stop moving.
I suppose you COULD have saved yourself some nightmarish headaches by keeping his poses pretty basic, because when it comes to this tendency to overly elaborate movements constantly, every shot that they're in, sometimes you find yourself in poses that are very rigid and unnatural like when he's wincing in terror "H.R. Giger is that you!?" -before dropping the scaredy-cat act after that awkward line and returning to his neutral "I'm a fighter pilot" pose. (That line, incidentally, doesn't make sense because...he's not H.R. Giger, he looks like a Xenomorph, sort-of, which he designed...it's clumsy explaining it, it was clumsy to hear.) Or like that ending, stiff as hell "Hmmmmmm" pose he shares in the end with Haylizbeth's character. Her arms way up, he's cupping his chin with an arm popped out at a weird angle, it's just corn upon corniness (which I acknowledge may be the whole point.)
I'm sure the action would seem a lot punchier if it didn't sound like the guitar was softly bouncing off the walls from a distant hallway. No fault on your part, I'm not sure how much control you have over what music you can use, but even when there was plenty of room for the music to breathe and emote the tone of the action, it was barely audible.
What was no doubt unintentional, which I definitely saw an improvement from the TIE Fighter short, was there's a lot of fundamentals in motion animation that needs to be tweaked and practiced. For example, he finds that he's not only in the game, but sitting in the cockpit of the R-Type fighter. He gets ready, hands on the stick, throttle up, everythings building up HERE WE GO AND he just kinda....drifts away. Everything that moves is very drifty. Speed is lost upon things that are trying to look fast.
The camera is doing some crazy 3D assisted maneuvers, ambitiously rocketing in and swiveling out and doing all sorts of things, but there's no easing, the motions are just kinda going from place to place. Every once and a while the camera will lock onto an object and your eye, as an audience member, can't help but think this is an unintentional/unnatural byproduct of how the camera's rigged. It's not like that Go-Pro shot on Poe Dameron's X-Wing like it's affixed to the fuselage, it's very clearly, rigidly, just like "this thing isn't moving, everything else is moving." Like that alien at 2:05, dominating center frame, and everything in the world is doing something except for the body of this focal point creature. It's the uncanny valley of motion that can take people out of immersion.
A positive example to fix this is probably my favorite shot, the dead pilot overtaken by the alien organism at 1:31- that simple, simple camera zoom while all the tendrils pulse life in contrast to the pilot's lifeless husk was SO effective. Sometimes less is more, and it's beneficial to keep it simple so you can make other parts stand out and shine. Like when he's spitting out Macross missiles going buckwild all over the place.
The special effects are a marvel and a study-piece for me to pick apart frame by frame. I love the anime reflectivity going on in the metal panels, that pink-eyed Zaku with biology all up in it was fucking gorgeous and perfect...it's just MOTION, man. Dramatic, lively motion is missing from this. All I can recommend is Richard William's Animator's Survival Kit, (which is like essential reading, practically bible) and to study frame by frame the rate at which these starships are rocketing in and out and curving away at the rate that they do from some crazy stuff you like to watch. You have special effects and 3D roto down like a super pro. You have your STYLE nailed down to an enviable degree...once you nail the imitation of life, you're going to be an unstoppable champion for animators everywhere.
Never ever stop, I'm rooting for you dude. This shit is a masterpiece, and the next thing you do will dwarf this for sure! I can't wait to see what you do next! We're watching you now! An easy easy Vote 5.