It does indeed, and it makes it so cool! But I feel your pain acid-dude. It's obvious that the choices in upgrades you make affect it, but it's not really been done before in a game, afaik. So cool. Best game I've played.
Am i the only one who thinks the human reaper assembles Probotector from that old NES game? Furthermore, what a lame ass boss fight.
Be careful you are actually giving out a spoiler on what the last boss looks like. Some may come in this thread not expecting it and it will ruin what to expect later.