I had a son just like this!! He had reflux and threw up nearly everything he ate!! Even worse than your son because he threw up all day long too.
If he's generally a happy baby he's probably fine. Some reflux babies are in lots of pain from acid backing up along with the puke and these babies cry a lot, sleep poorly, and often begin to refuse feedings. Doesn't sound like you have this problem, thank God.
If he sleeps fairly well (for a newborn ;) and he doesn't seem to be miserable, then what you probably have on your hands is what we in the the "reflux world" call "happy spitters." They eat enough to thrive, they're happy most of the time, but the throw up/spit up a lot. (My son used to splatter the walls and I often had to take a shower and change my bed (I always fed him at night in my bed) multiple times per night, so I know what you are saying about the amount!!! Also, it seems your little guy is a gassy baby which could be related to reflux, but could also be normal gas/colic that babies often have. My son literally had to burp after a 1/2 ounce or after 2 minutes of feeding.
So, here is what I learned over time which helped. First, if he's a reflux baby nothing but time will change that. He'll outgrow it. Until then, here are some things that worked for me.
1. Try feeding him small, frequent meals. (I know this is tough with a newborn who wants to nurse when he wants to nurse, but smaller, more frequent meals can reduce the spitting up).
2. Try to limit the crying/screaming by getting to him as fast as you can (I'm sure you are doing this already because you're a mommy ;) but I thought I'd mention it) because babies swallow a lot of air when they cry and the more air they swallow before they eat, the more likely they will throw up that meal. If he takes a pacifier, that may help keep the crying down during burping, but some babies swallow a lot of air when they suck a pacifier too. You just have to try different things to see what helps.
3. More frequent burping may help. You might have better luck pulling him off and burping him before he pulls off himself. By the time he pulls off he's probably already experiencing some discomfort.
4. Have his latch checked. If he's not making a tight enough seal, he'll swallow a lot more air than if he is making a tight seal.
5. This worked wonders for my son.... I'd give him a dose of Mylicon *before* I fed him. He burped more easily and spit up less when I did.
6. Keep him upright for a while (most docs suggest 30 minutes) after a feeding. I know this sucks at night when all you want to do is get back to bed, but it really does help some babies.
7. Keep your chin up. Things will improve when he's doing more of his eating during the day and not so much at night when he's expected to lay down and go back to sleep. Also, reflux improves over time.
8. Keep a food diary and maybe even try eliminating dairy for a few weeks. Lots of refluxer/spitters are intolerant to cow's milk (and/or soy) and this can be a big problem which is easily solved by removing it from the diet.
Here's a website that helped me a lot when my babies little (I actually had two reflux babies). www.infantreflux.org
Good luck and congratulations on your new little love bug!