The faction seems interesting to me to play, the new mechanics add an entertaining refreshment to the game. Regarding his style "graphic" or "history" is not my favorite but at the same time in W3 the plot to investigate and see how things happened in a Novigrad outside the law was nice.
As for the mixture of things like pirates, monsters, prostitutes, gangsters, clowns, gangster clowns, murderous gangster clowns and sadistic killer gangster clowns I see it right, in my idea the faction is not only a specific part of the city but everything its low world, or everything you can find if you go into it (like the monster of the sewers).
I played very little yesterday, a bit with SY and another with Svalblod to test how the VS was in power, among them it looked pretty even, but we already know how is the SK theme.
I would say that it is a very stable faction in itself, it depends very little on the neutral set of cards.
Now I just hope they do not nerf hard, what we need is improvements in the factions that are below in performance and make them more cohesive with themselves (ST is ironically the most racist faction in terms of game approach).