Really good, definitely among the most exciting in the jam just in terms of its big swings! There's a lot of stuff in here that could derail a less thoughtfully executed story; several magical conceits are exposited with just the right amount of vagueness, the anachronistic breaks in the voice always feel well-timed and deliberately incongruent, and the characters are all archetypical enough to not get lost in the weeds of the plot. A lot depends on the line-to-line writing being compelling enough to carry the reader through all of this, and it is.
Of course, considering what the story is about, it's entirely fair for the art to do so much of the work as well. The character designs are filled with neat details but remain sort of timeless and mysterious on the whole, the use of color is strong, and there's a lot of very good storytelling with what is communicated with images alone (or without them, in one striking instance). If we're judging the game as a jam entry here, the lack of sound does hurt a lot, since it feels like a missing link in the central tension between linguistic and non-linguistic means of communication. There are multiple sequences that would feel a lot weightier with some nice sound effects. Can't fault what's in there for anything, though, the art direction is so good.
I will say that while the breathless pacing is definitely something the game gets right, I think the jumpy structure in the climax might represent a step too far – even with all the formal excitement, it does sort of feel like the story just fizzles out, especially in terms of character stuff. It's entirely possible that the second ending will contextualize some of the final beats better, however; the VN does come off as unfinished in that sense.
In any case, having to re-read once the finished build out is no disappointment, since the story is certainly worth revisiting. Looking forward to that!