Apparently the buzzword represents "a sub-genre of the pop surrealist art movement, as well as a budding subculture, that combines the aesthetics of the interbellum period through the early 1950s with postmodern technology and sensibilities". Right.
To be honest, all you really need to know is that Grasshopper Manufacture and Digital Reality's PSN shooter, Sine Mora, looks pretty neat. The production values look high, the art aesthetic is cool, and yeah, it looks a bit nuts. We also really like the music.