It was re-released as a budget title in Japan in 2004 under Sony's The Best label.Дuring the course of the game, the player has the opportunity to purchase 21 different planes, from models that actually exist to prototypes or relatively new aircraft that were in development (at the time of game production) and their weaponry. Criticism was pointed to the game's lower challenge and smaller amount of missions compared to its predecessors. Critics praised the gameplay, story, and soundtrack, while the graphics received mixed reception.

As opposed to the Top Gun-inspired rock music in Ace Combat 2 and the electronic music in Electrosphere, Ace Combat 04 features a blend of rock, orchestral, and synthesizer music, as well as a Latin chorus, which cemented the style of Ace Combat soundtracks going forward.ДЄce Combat 04 was a commercial success and shipped 2.64 million copies worldwide. Studio 4вЊ developed the interludes that play between missions as slide show cutscenes, which was a cost-effective alternative to the fully-animated cutscenes in Electrosphere. In addition to standard missiles that can lock on to any target, Ace Combat 04 introduced special weapons such as anti-ship missiles, unguided rockets, and bombs. Gameplay was given more of an arcade feel with an increased focus on score attack objectives and less story cutscenes. This design philosophy was reflected in the marketing tagline 'It's Changing Everything Again'. The development team viewed Ace Combat 04 as a return to the origin of the franchise after the mixed release of Ace Combat 3: Electrosphere.

Each mission features different objectives including shooting down squadrons of enemy pilots and escorting friendly units. The player assumes the role of a fighter pilot, assigned the call sign Mobius 1, and controls one of 21 different fighter jets through 18 different story missions. Ace Combat 04: Shattered Skies is a 2001 arcade-style combat flight simulation video game developed and published for the PlayStation 2 by Namco.

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