It's not Contra. But it looks a hell of a lot like Contra. Because, basically it is Contra. Confused? You shouldn't be, come on keep up.
The run and gun PSN title is due out this year. It's in development at BlazBlue's developer Arc System Works. That means, if nothing else, you should expect big flashing lights and stupid storylines.
IGN's got a hands-on preview with the game through here. It's a good read if you're interested in Contra-like games. Which we're sure you are.