The Golden Compass comes out in December and I cannot wait. Hands down, Philip Pullman's His Dark Materials series has been my favorite read in the last several years. It's not everyone's thing, but his world just really, really resonated with me. It's not quite steampunk, but it does have wonderfully evocative retrotech, alternate earth feel. More importantly, I was really taken by the story and the individualistic (anti-authoritarian/religious) themes. Most importantly... armored polar bears!
The latest trailer really fills me with hope that this will be the next Lord of the Rings.