Morlock Night was a really quick and easy read. The print is larger than the typical novel printed today so the page count of 322 may be deceptive. That's definitely not a knock against it. There is nothing wrong with having print large enough to be easily read or having a distinct lack of diarrhea of the word processor. The novel reads like it was written in a modern take on the classic science fiction adventure tales more concerned with moving the story forward rather than giving finely detailed scientific explanations for things. It is not hard sci-fi at all. The story is easy to follow but it also lacking.
I believe the biggest omission in Morlock Night is further details about the story. From reading we learn that the Morlocks have the Time Machine and have used it to not only invade but conquer the future Earth. We're only shown one glimpse of that future under Morlock rule. There are a few hints and suggestions scattered throughout but why not show the Morlocks going through time with the machine? Did they go straight to the future? Did they try several stops along the way like the traveler in the original novel? How fruitful were their efforts? I would have preferred a longer, more detailed book (or two) in that manner.
As to the claims about it being the first steampunk novel? I wouldn't consider it as such. There is minimal meat on this bone. "Victorian Adventure" or another label might be much more accurate, but I wouldn't call it steampunk at all. I just really don't get that kind of vibe in the least.