I love the premise, the project, and the way it's being put together and shared here. What disturbs me more than anything is that there are no other reviews; I don't normally browse this area of Newgrounds so this may be more common than I think, but my gut says this is pretty unique and should definitely be tried by more people.
Now for the actual review. This is the only episode I've listened to so what I'm writing is more of a benchmark for progression than anything else, and I'm hoping it'll only improve. The first glaring downside I notice is the feeling of fakeness. With audio as the only conveyer of information, every detail is analyzed more explicitly than it would be in a cartoon or game, and none of these characters sound like they're actually looking at another person as they speak. The lines are deliberate and evenly spaced and everyone speaks as though they know we'll have to listen to everything they have to say, with no shifts that indicate trying to keep attention or focus the opinions of listeners, as people naturally do. There is no sense of interaction, or anticipating a response. Basically, the difference between acting and actoring.
The background audio was well made. The channel separation was clear enough that all the words came through, and it was able to mask all but a few mic oddities. The stop for emphasis at the end was immersion-breaking though; if you want people to close their eyes and listen through this, immersion matters more than anything else.
Though I really like the premise and the idea of building a world through audio, this really feels more like listening to people describe the world than listening to people in the world. Most of the characters sound like someone doing a voice, and I don't understand why that's even necessary. I don't know how complicated it was to put this all together or how experienced y'all were at this point, which is another reason the lack of visible feedback worries me, but for all my minor gripes it is a good starting point and I look forward to hearing the difference by episode 20 (the newest available ATM).