Oh deary deary dear. What a shame that, just when Gremlin starts getting a good reputation for itself with its classy product of late, it turns out a piece of tripe like this. Based very loosely on the classic Greek myth, Pegasus is a weird half-and-mix of R-Type style shoot-'em-up action and run-along-and-chop-up-the-baddies platform stuff. This mixture of airborne and ground-based action is supposed to give the player variety and keep him interest. In practice, all it does is get very boring very quickly.
In the shoot-'em-up section, Perseus (or Percius, as the box incorrectly spells his name!) flies along on the back of the mythical winged horse, which is animated in an atrociously unconvincing manner, and blasts away at the attacking gargoyles, demons, harpies, etc. When he's survived this onslaught, Pegasus lands, Perseus dismounts and the ground section begins. This happens 50 times (25 air sections, 25 on the ground), by which time the player has probably torn all his hair out, kicked in the TV screen and lobbed his computer out of the window.
It's not that Pegasus is a bad idea - it's just that it's been executed in such a God-awful lazy and unimaginative manner. The action in the horsey bits is sluggish and annoying, while the ground levels lack any of the finesse of, say, Switchblade II.
The fact that there's lots of it doesn't make it any more of a viable purchase - unless you're a masochist of course. Complete with all manner of intolerable spelling mistakes within the game ("existance" instead of "existence", "new" instead of "knew"), Pegasus would have only just made the grade two years ago, or on public domain today. To ask £26 quid for it when it falls so horribly below today's standards of graphics and gameplay is a bit of an insult. Avoid.