Have 1cc'd Rayforce. Tis probably tied as my favorite shmup of all time with Cho Ren Sha 68k. It's really a masterpiece, not just in the cool aesthetics and atmosphere but how balls to the walls aggressive it gets (on both player and enemy side) later on.
I've only played a little bit of Raystorm (have the taito legends collections), but it didn't seem quite as good. I heard there was some drift/inertia on the controls but I didn't notice it at the time...it was just a lot harder and I thought the scoring system made less sense when you could lock onto everything.