I have a personal and long standing dislike for Raizing shooters, I think they've got pretty explosions, but the pointless medallion stuff and poxy dash shaped bullets are horribly dated.
Mahou Daisakusen has fairly visible bullets. Sure, the ship's hitbox is bigger than in bullet hell shmups, but small hitbox coupled with slow bullets is something I dislike about bullet hell shmups in general. They don't feel like shooting games to me. Dangun Feveron is rad, though.
A console is never going to capture the feeling of being on your last credit, 2 stages further in than you got last time, when an absolute bastard of a boss shows up.
But as for a 'home' version of an arcade-like experience, Super Aleste is pretty good- the weapon effects were amazing when it was released, it made most of it's peers look like the ships were using peashooters.
I suck for Compile shmups great deal, but disagree about "arcade-like". They are nothing like most coin-op shooters out there. Maybe except for very primordial, infinite ones like Vulgus and Bosconian.
The awesome weaponry to be found in Compile shmups is pretty much peerless indeed. Among coin-op shmups known to me, only Mahou Daisakusen and - to an extent - Shikigami no Shiro II come close in terms of sheer variety AND destructive power of weapons. Unfortunately, Castle Shikigami 2 is yet another underwater confetti blaster with small hitbox and slow bullets (I tried to get into it a few times and it just doesn't do the awesome for me).
Also, there's not much stuff like Recca in the arcades, and that is a Famicom game. Omega Fighter Special is about as manic from the word go, but it came out in 1989 and hardly anybody followed UPL in that direction. Rumour has it Yagawa of Recca fame might have possibly worked on Omega Fighter Special, but it could've been Some Other Guy™ as well.
The Zero Gunners were great as well, the excellent, if frustrating Under Defeat is pretty much their spiritual successor.
They all apper to be spiritual successors to Sonic Wings Special played with Ka-50 Hokum (Volk). You won't discover it with autofire alone, but holding single fire down allows you to strafe (not exactly Zero Gunner way, but I can't think of any shmup earlier than Sonic Wings Special giving you such flexibility in this regard).