This project looks exciting. However, I am not able to get it to run either, and I dled the 3235.26 svn. According to the blokes on their IRC channel (#dangerdeep at freenode) it's a problem with my graphics card (ATI x700, a little old I know, but not so bad really, runs SH III just fine). Hopefully, they'll make their game a bit more compatible. I couldn't even get the game to start, just got the standard windows "this program has caused an error and needs to close" window. I could provide, nor find, any log or error information to help. I've been considering doing a Linux boot for awhile now, for several reasons, and this adds one more, I guess. If I can get it to run under Linux, it's obviously not a gfx card problem, rather a win xp problem (xp sp3).
Still, this game looks very promising, and in depth. Hopes are high. I agree completely with the above post that the devs should focus more on gameplay than graphics, especially to the extent of making it more backward-compatible so one doesn't have to have a flashy-new machine to run it.
