This is my sort of thing. As you know, I'm really into the old-school stuff. This definitely recreates that feel and life of the older stuff for me. That being said, it does not resort to being just another revivalist carbon-copy. I feel, like you mentioned, it takes its time to create that atmosphere, which makes this track stand out more.
These guys have been on my list for a while now, I can't wait to get around to giving them a proper listen.