Highly recommended! Not only is it a competent Yume Nikki fangame, it also doesn't feel like Yume Nikki (in a a good way). Here's part one of my playthrough, if anyone's interested:
Good visuals, good atmosphere, and fun to explore. I really like how this game has it's own unique universe, which makes it stand out from other Yume Nikki-esque games while still retaining the tone and mechanics. It's an excellent example of how "good artists borrow, but great artists steal".
My only gripe is that it felt like there were too many dead-ends, so the world doesn't feel as interconnected as it could be. Maybe there were more, but I only found two fast travel points. As far as I know, there also isn't the classic "return to the hub world" power (maybe I missed it somehow?). It's only apparent, however, when you're like me and want to find all the secrets such as the audio tapes, so you end up backtracking a lot.
Anyways, great game! I'll be looking forward to the next project from the developer!