So, just bought the Steam pack with 5 episode in it. Episode 1 is just the black screen, with a few of the menu options visible, but no cursor or background. Set the graphics to low, ran in windowed mode, ran as admin, and in compatibility mode for XP SP3.
Thing is, I tried loading up the other 4, and they run perfectly on fullscreen 1600x900 on high graphics settings, launched straight from the steam library.
Would be cool to get this fixed, as I'm not someone that can go to Episode 2 without playing through Episode 1 first.