The game is great! ;)
I've noticed two annoying visualization bugs:
1) When the final part of the game (Rescuing Phoney) starts, one can easily see Phoney hanging WITHOUT the rope around him. The rope appears after one second but that's annoying...
2) After Smiley completes the cow suit and wears it, we see Smiley WITHOUT the cow suit while the cow race section is being loaded: this last many seconds. Smiley has got the suit on now and he should keep it on!
There's a logic bug regarding one or two Fone's lines at the beginning of the game. While examining the map, Fone shouldn't talk about Thorn's feelings about the map BEFORE the night sequence (when Thorn tells him her dream).
I am not too sure about this, but I think I noticed a slight music stuttering in some screens when I move the characters around. I have an Athlon 64 3500 , 1Gb RAM, GeForce 6600GT, A8VE Deluxe motherboard with integrated sound chip. This happens with or without antialiasing.