Steampunk is a genre where the setting is often in the era of steam-power...19th century usually, but it mixes science fiction into it by having futuristic devices, powered by steam or similar means. For instance, Wild Wild West, as crappy as it is, has giant robotic devices walking around, powered essentially by 19th century technology.
Another genre considered steampunk is where it is the future, but the technology is still 19th century in nature, steam-powered and such, like the style of Bioshock I guess. It's becoming increasingly popular in the mainstream, which is cool, but it'll get overused to the point of insanity I'm sure.
Cyberpunk tends to be set in the near future...focusing on AI, advanced computers, hacking, etc. Dystopian futures, overbearing technological powers, etc...it's all pretty much become the definition of a mainstream sci-fi nowadays.
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Bet with disolitude: Left4Dead will have a higher Metacritic rating than Project Origin, 3 months after the second game's release. (hasn't been 3 months but it looks like I won :-p )
