It looks great, BUT:
a) texture seams. The texture's nice, but there's seams that are annoying.
b) why on earth are you using a - what - 30 sided (?) Icosphere?! Make it much, much smoother, add details! Because the ship/fighter seems like it's a small one (cause it moves/rotates so fast) it looks like the planet, too, is very small, and at this distance it looks to me like you should be able to see mountains, craters, etc. Since the planet is the one main object on the screen (and in space there won't ever be much more than that planet), make it something interesting to look at! Adding craters and the like could also increase the sense of orientation for the player.
c) at 0:45 - is that a lag in the video? Why is it lagging? there's hardly anything on the screen? It just doesn't seem right that the fps is so low... Or is this simply the recording?
d) One thing these type of games really suffer from is the weird movement of the shots: When you shoot, you'll see the second projectile at exactly the same place where you saw the first one just a split second before, so it often looks like they're hardly moving. To make this less bad, you can use a model/particle/sprite that is blurred on it's texture (in the direction it's moving) to give it a sense of motion blurring. Just an idea, dunno how it'll look on your game...

That said, I really like the concept. Don't make this another one of the dead ones, it could be very simple to make a great game out of this, since the mechanics seem simple enough yet very enjoyable.

~"I never let school interfere with my education"~
-Mark Twain