I'd have to ask what "steampunk" adds to the mix. I actually would love to see a step based steampunk game, just for the sake of seeing how it works.
What I like:
* The metal graphics and cleanliness of it is top notch. Very consistent look. Same with those canons at the end and the enemies
* The setting is novel, and looks interesting
* The sound is good and fits the mood and the area, but maybe that's not in the game. Otherwise, I like the soundtrack.
What could be improved:
* The interface is too spartan, even less visually than Grimrock. Why isn't' there an interface to light flashlights or put on the required Steampunk Goggles? All that space and not a lot going on. Maybe this is coming later, but I'd say... more. I didn't like how little Grimrock made the interface when they had the whole screen to use.
* So. F-ing. Dark. I just can't do this anymore: does every step based game have to be so damn dark? Think the only game that didn't do this was the MM games. Maybe having to secure food, water, and light add something to the mix, but I'd be happy to have some way out of that/just have food and water to scrounge, not the whole light thing (unless it adds to the story. If it's there just to add atmosphere, I can do without.) However, with moving parts and electricity everywhere, light should be abundant.
* That fighting looked kinda weak. Small text on the bottom and clicking on the enemy to attack. Think I heard gunshots like the player was shooting, maybe if springs or parts popped off the enemies reducing damage/accuracy, it would add to the mechanical nature of the game. Firing a gun at a metal enemy would do very targeted damage, but a crowbar could knock off parts. The combat should align with the setting.
* It would be nice if the player could build npcs or devices out of those spare parts with the right class/skills. Grimrock had big cogs, and they did things, but for the most part they were props.
* Dungeon step-based crawlers used pressure plates, switches, and levers because they were D&D conventions. A Steampunk game should have more elaborate stuff, but the video seemed to have the same pressure plates, switches, and levers. Don't ask me how you could do away with those, and who knows, maybe people expect those/they are safe/getting rid of them would cause a lot of grief.
Overall, as someone who liked Grimrock (warts and all) this looks great at this stage, but I'd have to see more steampunk, less "every other step based game" in the videos.