I had no problems with the install, and the game launched just fine to the main menu. However, at the character creation screen the game slowed way down and there were massive graphical glitches. One inside the starting prison cell, I found the same graphical glitches (sort of an odd, black shading all over everything) but I also noticed that I could face the back wall or ceiling and things would return to normal. However, most viewing angles caused the glitches and the slowdown to return.
After installing Shivering Isles and the latest patch, the problem persists, but now it crashes to desktop after a few seconds.
Enabling GLSL via regedit makes the graphics look much better (better lighting and shading) but the odd glitches persist, and now the slowdown is far worse, even when facing the rear wall and eliminating the glitches.