The game has a great visual presence. While it doesn't try to be photo-realistic, the colorful backdrops give the various locations Lyra visits a very distinct feel. These locations range from the emptied city of Wish, to a massive airship, to the house of a clockmaker and even a strange seashell-covered island. Each location is pretty distinct looking, but they all tie together nicely with the same basic tone and feel.
From what I understand, this is the first time in the series where there are actual voiceovers, and The Book of Air does a pretty decent job of it. Granted, there aren't a whole lot of characters in the game as you pretty much only interact with Tangle, Lyra's grandfather and guide, and The Clockmaker who seems to be the only one who can bring Lyra (who is also voiced) back home.