I finally got around to beating "Retro game challenge", and the credit screen includes a minigame where you fly a small spaceship on the bottom screen and can shoot energy bolts at Arino, located on the top screen. Arino, in turn, pelts you with various D-pad shaped projectiles.
I thought this was just a cute addition, but after hitting Arino enough he changed color and became more agressive, which led me to believe you can actually win this minigame.
Is it possible to completely defeat him before the credits are over? If so, what are the effects of such a victory, other than feeling good about yourself?