Steampunk is a forthcoming Public Space set in Nova Venezia, that will feature Home users collaborating to acquire resources and build rockets to save the world from destruction. There was a full preview in the May issue of Qore, and there are some details floating around on the Web.
This looks to be a completely new type of gaming experience in Home, and we should see it by the end of the year. The release of those Steampunk items leads me to believe that the release is just a few weeks away.
I personally love that backpack. At .49 cents, I think it's one of the best values in Home. Since you spend most of your time staring at the back of your avatar, all the animated parts are a really nice touch.