Installation is just as finicky as before. .Net 2.0 and XNA framework need to be pre-installed, or the game won't even start from Steam.
Once it's properly installed, the game starts seemingly normally. The game options can be changed as one would expect. The "Playground" mode looks perfect. But if you select "New Game" you get a "Loading..." screen and then it hangs.
So, probably not a huge loss all things considered, but still, it's a regression of sorts.
If there's anything else I can provide, like a debug dump, just let me know.
Edit: it does work, but installation is finicky.