I think that, as a whole, this art is a HUGE step above the previous sprites for this game. I love how it actually looks steampunk now instead of just looking like some generic adventure game. So, the designs, I think, are awesome! (Though I do agree with whoever mentioned that the gears and accessories kind of look like they're just hovering above the fabric. Nowhere is this more noticeable for me than on Arthur's pant leg.)
I still like and dislike the same things as I did from the art for PSCD - in short, I LOVE the coloring, especially the hair and don't like the mouth area. Part of my problem is definitely the lips. They just look too full, too wide to me. Except for Roger's. But...I'm guessing he'd supposed to be 40ish? Because there is no way I could imagine Arthur as half his age! (I MIGHT believe Arthur is 30, but he looks to be in his mid-upper 30's to me.) And, really, from what I remember, most of the main cast (player character's, their friends) were supposed to be in their late teens to early/mid twenties. I don't see that with the guys, especially. Christina looks young to me, though, the same way Graciela looked young - like she's sixteen. (Maybe the roundness of the face?) I also find some of the proportions a little odd, but I'm no artist so I have no idea if it's just me or not.
Now, all that being said, I personally am more used to manga style art so I do tend to gravitate more towards those games. Also, I plan on buying this game almost no matter what the art looks like. As long as it's professional looking, which I'm sure it will be, I am so there because I've been wanting a steampunk game for a crazy long time. (I didn't vote because with just a bit of tweaking around the mouth, it would totally change my opinion.)