It sounds like it might fall into, or at least dangle over the precipice of, steampunk science-fiction. Io9.com describes the novel's plot as "a clockwork cyborg caught up in a workers' revolution." I think I could dig into a novel with that kind of approach to the subject matter.
What makes it even more intriguing for me is the fact that the creator of The Sarah Connor Chronicles--that ill-fated and ill-executed Fox TV show--Josh Friedman apparently said he wanted to tackle similar themes of The Alchemy of Stone in his television show. I hold a strong appreciation for the first two Terminator films. The third one disappointed me, as it was basically a multi-million dollar political campaign for Arnold in his bid to become California's governor. The Sarah Connor Chronicles only served to deaden my love for the Terminator mythos further, as the casting choices were predominantly poor and the storylines meandered between plodding and preposterous--but this isn't about my lament for a failed franchise, it's about a promising novel.
Where a television show failed, Sedia's novel could very well succeed, and I would very much enjoy an opportunity to read it and see for myself. She's also edited a werewolf anthology, Running with the Pack, due out in 2010 that looks interesting.