Pros: I like the ship movement, it's a little different than traditional asteriods but you can turn on a dime, which is really nice. Background is beautiful. The music is also very fitting, I gots to get me some info on how to use Bassmod.dll!
Cons: Exactly what Robot said. Blinking in the beginning is hard to see, could possibly be a faster blink or some sort of "flash in" animation. You also start moving in the beginning without touching a key.
Also the collision absolutely needs to be spot on for a game like this, and when you have a ship that is 25x25 pixels on a bitmap that's 32x32 pixels, you're asking for touchy collision. Also, the bullet is also on a 32x32 pixels which means the bullet SPRITE collides with the asteroid SPRITE when they're not close to touching (could be 16+ pixels apart).
What I would recommend is to forget the sprite collision system DBPro has, and use your own based on simple distance math. All of your objects can be seen as "circular areas", meaning your ship is a circle with 12 pixel radius, your bullet has a radius of 2, asteroids are a radius of 13 or so. When a bullet gets within 13+2=15 pixels of the center of an asteroid, it hits the asteroid. Same with ship, if a ship center gets within 12+13=25 of an asteroid center, it gets hit. And since your asteroids don't collide with each other, you just have to check your ship and bullets against all the objects in the field.
Distance math is pythagorean theorem for 2D (someone correct me if this is wrong I don't have a book with me):
dist = sqrt(abs(y2-y1)^2 + abs(x2-x1)^2))
I'm not a real programmer but I play one with DBPro!