Well, judging from the Alpha, it's a true sucessor to the the original XCOM spirit.
Alas, the engine they used is so poorly supported by the makers that Chris (the lead dev) had to drop a few advanced features and lost a lot of hair in the process. The sequel will be 3D if there is one.
But even with this, the graphics are purdy. Aliens are hard as f*** to kill.
Oh, humans get no psionics because Chris wants you to always lag behind the aliens and feel dread.
If I had to chose a better game I'd probably
go with UFO:AI, but I'm probably biased there. Not only is it 3D (so more easily moddable) but I also worked on it.
But trust me, it's close. Xenonauts does a great job with the atmosphere and "oh frak!" moments.
Might I suggest that you wait for the conclusion of beta or release before LPing it? It'll probably work and look better by then.
Ya, by the time it hits Steam all the biggest issues should be taken care of....I hope.