Graphics errors - first scene

[slash213]

I experience the same problems with my Vista 32-bit and Radeon 9800XT.
Installing new 7.3 drivers hadn't help. Funny, but "compatibility mode" seem to solve problems with disappearing objects (lamp chain, wall, etc.), but graphics stay really awful and Penumbra still freezes after pressing escape button.

I checked last summer's techdemo and it gave me all the bugs "Overture" has shown: object problems, really bad textures and lighting, freezing (although I remember myself playing it on XP without any simple glitch).