Originally Posted by Royce
Attempting to answer my own question based on Sanuku's video, it appears that you control vertical movement only by sliding (still not sure if it's a direct or relative control), and you fire by tapping enemies to target, possibly with other mechanics for other weapons. I definitely see this as something that I would have to play with my iPad laid down and not held in my hands. That's a bit of a turn off, but I'll still buy this since it looks pretty cool.
With Seeker missiles, yes you'll have to tap with your right hand fingers. I usually play on the iPad since its a bigger screen, and while its not as comfortable as on the iPhone/iPod Touch, it definitely is not bad either.
There is also the machine gun which simply requires a touch anywhere on screen to fire (classic shoot-em-up style). That is easier to use on the iPad.
Oh and it's relative touch, with sensitivity settings in the options menu.