I find it incredible that Dream Theory In The IE by Henderson / Oken was recorded live. Sure, some effects (reverb, delay, and EQ) were added in the mastering process, but no overdubs or edits of any kind were used. Everything I hear on Dream Theory In The IE tells me that I'm listening to a sudio album that took weeks to record...
As for the musical style on Dream Theory In The IE, well it's very much in the "ambient/new age/experimental" genre. When the music is mellower, I guess that some of the recent instrumental work by Steve Hackett can be a good reference to be made, mostly because of the "World music" flavour given by the percussions and also the guitar sound. When the music gets darker and tense (a good part of the album), Robert Fripp and perhaps even more David Torn comes to mind. Even though all the instruments are greatly played, the guitars/effects/loops are really what drives this music.
Fans of Robert fripp's ambient work and of David Torn should really check Henderson / Oken out. Great music indeed.