Ok, I keep forgetting to check my score before I die but with the current build I am unable to re-spawn, however missiles and the ammo replenishes every three rounds unless my ship has taken too much damage for that particular weapon.
Under this current system, I've made it to Wave 10 before I die / eject. How's everyone else doing? Oh, I only have a Hornet to play with at the moment.
Note: In order for your missiles to replenish you have to be completely out. That's how it works for me anyways.