0.4.0
tl;dr
story 4/5
graphics 4/5
characters 4/5
gameplay 5/5
writing 4/5
This is pretty much a remake of Love of Magic for those that have already played Love of Magic, and with a dev that's got a few years of extra experience. If you liked Love of Magic you will see this is a straight upgrade, with some of the more vexing elements from Love of Magic toned down a bit (id est the clan stuff and the endless embellishments of power). You will recognize the characters quite well as they fill similar roles.
Story
The story is similar to LoM and works well. It has a great pacing, with no moments feeling too slow and no moments feeling too fast. The moderate to harsh culling of the endless power descriptions of characters in text has also made the world much more coherent and reasonable. The combination of the grandiose plot and the personal plot is quite well synced, and feels better than in LoM. All in all this is a straight upgrade, and the story flows well so far.
Graphics
The style is the same as LoM, with cutscenes of similar quality and movement. Some characters look fine, like Emily or Molly, while others, like Snowdrop, look at bit weird. Some are a combination of both depending on angle, like the coffee lady. The cutscenes, while not perfect, do a great job of conveying significance, intentional or not. This is not a game you play for the graphical fidelity, but it does work fine for portraying the story. The only graphical improvement I would ask for is related to the angel wings. They are tiny.
Characters
The people you talk to now are much more even in quality. Katie is less annoying and doesn't have long-winded anger issues, Emily is still Emily but some words have been switched, and the new sub is fantastic. The characters you meet are all fine or better.
One thing should be mentioned here: not only are these characters available in person, you can also view their most profound thoughts on not-Facebook in the game. I'm not sure what purpose that is supposed to fill (there didn't seem to be any point to "hearting" or replying to these posts). Personally I did not find much value in that feature as the posts are almost all dumb and nonsensical in context. Perhaps this feature will be more relevant in a future update.
Overall the characters are a pleasant experience.
Gameplay
The weakest point of LoM is massively improved, though issues still persist. Switching out the poker style game and its incredibly tilted gem slots for candy crush was a great move. Matches are more consistent in speed, and the absence of Molly for free trips/quads makes all the skills (what was previously gems) more available. The gameplay here would very much benefit from an expanded tutorial (explaining what exploding tokens do for instance, or giving a heads up on what the benefit of upgrading a skill will be, and most importantly the fact that charge only goes to the first skill that can use it) though the basics are clear.
The new mechanic is not without issues, however. Some skills give you an endless turn and win you the match, others seem pointless regardless of combination. While hitting a 4x or higher gives you an extra turn, this only applies if it is the first or second combination popped, not third or later. Thus, hitting a 3, then a 3, and then a 5, does not provide an extra turn. It is also possible to use your skills after you've used your turn if you do it fast enough, though the results are unclear (using shield quickly after using up your turn seems to work, dealing damage only works sometimes).
All in all, this looks like a solid upgrade to LoM once the kinks have been ironed out, and I did enjoy the harder matches.
Writing
Mostly good. A bit more differentiation in semantics and expressions between characters would be lovely, taking their intended experiences into account. With the wide range of backgrounds used in this story, I wouldn't mind seeing more difference in expression. As an example, the term backstop appears somewhere around day 70, and is from that point used quite frequently by multiple characters with vastly different experiences. That does break immersion for me, as it feels like every character is coming from the same source.
All in all, the writing is a pleasant experience.
Summary
After having played version 0.4.0 I have high hopes for Morningstar, and I think it will turn out even better than Love of Magic, a VN I very much enjoyed. Best of luck to the dev!