No. I don't get Textured Space, Lens Flare, Fog, Coloured Light, or Translucency.
I can't change it. When I install the game, I install in Xp mode and I get a launcher.exe error message. If I bring up the launcher after installation and try to change video settings I get the same message.
I ran a shortcut for the launcher and ran it in WIN95 compatability mode, but I still get the same launchere.exe error message.
I also ran a shortcut to the laucher, then tried to install from there, but I still had problems installing, and still couldn't change video settings.