Has anyone played it? According to NowGamer's Making of Panzer Dragoon article, the 2D shooter RayForce "particularly" had a bearing on how Panzer Dragoon was put together. I've never played this game, but a quick investigation revealed the following playthrough on YouTube:
As you can see just by watching the start of video, RayForce features the classic Panzer Dragoon lock on system, with the crosshair sitting some distance above the player's ship on the screen. The circular white crosshair looks strikingly similar to the one featured in the Saturn Panzer Dragoon games. The game features the ability to switch between lock on and regular fire modes. The music sounds a little like the theme of Panzer Dragoon Zwei too.
Apparently the game was ported to the Saturn and Windows. Although RayForce isn't on Steam, Taito, the game's publisher recently released a title called DARIUSBURST Chronicle Saviours which has a RayForce ship DLC. Neat. I actually purchased DARIUSBURST Chronicle Saviours a while back, so I'll have to try the DLC at some point. Here's a video recording that someone made:
A see that DARIUSBURST Chronicle Saviours now also has some DLCs of classic Sega games as well, although sadly no Panzer Dragoon one (understandably as dragons cannot fly in space). Could be fun modding project for someone.