Same problem GeForce4 MX 420. Changing to 16-bit works but sooner or later ends up in 1 fps in the game. For me, 32-bit works in the game, at least for the 3D graphics. The downside is that you can\'t see some of the 2d graphics like the graphics of the panels so you don\'t get some of the buttons etc...
So I get to choose: 1 fps or missing graphics. :/
I hope developers can find the problem and fix it, wasn\'t like this before. Other than that the update was good.

EDIT:
I poked around a little in the r3dopengl.cfg file, uncommenting ( removing the ; ) from this line seems to help, but then the 3d looks messed up instead:
Video.OpenGL.UseExtension.GL_ARB_multitexture = false