The Basics: Excellent construction, very good interior art, quick and simple system gets you started right away without a lot of pain.
The Setting: Well thought out and interesting. The setting is clearly designed to leave room for a series of supplements/chapbooks. Some essential questions are left unanswered, such as "What really happens to someone who is thrown into a Change Cage?" Or, what happened to drop a functioning time machine into a steampunk band's naughty , naughty little hands?
Overall: This game is an enjoyable read and should be fun to play. (I haven't yet, but will soon.) There is a very interesting set of creation tables for airships and sky cities that looks to be exactly what I was personally looking for in this system. The section on how to get into trouble with a time machine was well thought out and clever, though it is optional if your table isn't into the time travel aspects of the game.