Steampunk is fun for a goof, I suppose, but I guess I simply have too much of the dismal science in me. Steampunk, to me, has always been more fantasy than sci-fi. As wonderous as Charles Babbage's grand mechancical computers were, they really were hideously impractical. To my mind, the greatest technical achievements were those that made new things possible, largely by virtue of making them practical. Steampunk is the inverse, it revels in its impracticality, in the grand operatic largesse required to make these machines and indulge in the modest wonders they produce.
In the graphic novella Ministry of Space, writer Warren Ellis imagines an alternate history where the British, not the Americans, rescued Von Braun from Germany after World World II. It was the British that embarked on a space program to revive their war-torn economy and, as they "had opera in them," the Brits indulged Von Braun's mad bluster and brutish vision of putting men into orbit in the 50s, on the moon by the 60, and Mars by the 70s. All it took was one of the greatest cover-ups in history to pay the hideous cost. Ministry deftly examines both sides of the issue--space is a grand dream, but not a practical one. When its dark patronage failed, it could not be sustained.
That's the same issue with steampunk. Its dreams and devices are glorious, but they really only empower their mad creators--the dukes and princes with endless ennobled coffers to pursue these personal accomplishments, rather than some larger goal, some greater but simpler service to the world.
Maybe I just lack the imagination to truly embrace steampunk.
Or maybe stemapunk just lacks the imagination to conjure a world that could truly have been.