As far as I can tell it uses a lot of the same mechanisms as Uncharted Seas, which of course was the test bed that they perfected the rules for Dystopian Wars on (before running it out to include Air and Land units too)
I've heard that as a game system it works well, just I haven't heard the rave reviews that Dystopian Wars received, possibly because the background for the races seemed fairly generic, whereas the Steampunk Industrial Nations thing they come up with for Dystopian Wars was more original and caught wargamers attention more.
Having never played it or seen the models even, I can't really comment more than that...
and this looked similar.
