After almost 8 years of development, Grim Fandango is now completable in Residual, the 3D adventure game engine based on the 2D point-and-click adventure game engine ScummVM.
This makes Grim Fandango compatible in modern versions of Windows (for which it was notoriously difficult to do with the native executable), as well as Linux and MacOS X for the first time ever.
I just played through the game myself, and it plays pretty well with some glitches. It was great to play the game all the way through again after all these years. :D