0.1.2.4d: I'm not sure if others make the same distinctions I do, but Cloud Meadow is shaping up to be more of a game-with-porn than porn-game. As a hybrid dating sim, farming sim, and dungeon crawler it's a lot like the modern Harvest Moon games except with monster breeding too. And porn. It seems to have a stronger focus on dungeon crawling than most games in this genre, but that may be a result of how it's still -- somehow -- relatively early in development. I'm looking forward to what it may become, but considering the alarmingly slow dev cycle I probably won't check the project out for another five years. It's also a coin-flip whether the project will realize its potential, be in-development for 7 more years before having "v1.0" slapped on a half-finished product and being shoved out the door, or be abandoned entirely. It's up to you to decide which of these outcomes corresponds to the coin landing on it's side.
Visuals/Lewds/Gallery: The art is quite good. The female protagonist is particularly sexy (which is always a plus), though very busty characters feel a bit over represented. Lewds exist as animated scenes between the protagonists and town NPCs or monsters, and sprite sex between monsters or between protagonists and Frontier NPCs. They are all well done and I like how you can change the monsters' coloration while viewing the gallery. The gallery is available straight from the main menu and unlocking a scene with any protagonist will unlock it for both protagonists. You can choose which pairings (m/m, f/f, m/f) you want to see in the settings, so that's nice too.
Dating Sim: You can adventure and chat with party NPCs to raise their affection, eventually locking dates and the corresponding animations. Eventually. So far a single date for one NPC has been implemented, though there is a second you can still chat with.
Farming Sim: The farming aspect is solid, though unfortunately you need to clear part of the dungeon in order to actually unlock your farm. Theoretically you'd be specifically training monsters to work on your farm while trying to match their "fertilizer" type to the season, eventually upgrading to all-season monsters and finally dragons. Except since there isn't much in the game we have access to all of it and dragons are allowed to break the flow/economy from week 1. Regarding monster breeding: there's no back-crossing but also no genealogy data, so breeding can be a bit tedious. Cooking is a nice way to use all the crops you're growing, but unfortunately it's been poorly implemented so using high quality ingredients leaves you with a failed product.
Dungeon Crawling: Combat is solid, with each monster and character having a unique skill set and some even having their own mechanics. The blue guy is totally busted though. Again, theoretically you're supposed to be introduced to meet him a bit later in the game, but since we have access to everything at the stage he can start stomping all over combat from day 1. I suspect there's supposed to be some metagaming between bringing NPCs (who gain levels and stats through battle) and monsters (who gain stats through their daily feedings, but have higher stat ceilings) but it isn't really balanced so you'll probaly just use a full NPC team because there isn't much to do in the days it'll take to breed and train appropriate monsters.
In Development: Very. All of the systems seem to be in place... but only one place. The game has been in development for a while so you'd expect them to have more to show for it, but whatever, maybe they were focusing on systems before content. I don't really expect the pace of development to pick up anytime soon. As I mentioned up top, Cloud Meadow has solid potential so you can have a bit of fun with it now then maybe again in five years.