I should speak up as someone who played this game on a modern PC (Phenom II, 4 cores, 3.2 ghz; Radeon 4850, Windows 7 64-bit), and experienced none of the glitches being discussed here. I didn't even know there were any fixes or workarounds until I read it in this thread; I didn't need anything like that.
I played the Steam version, this year.
The game does suffer a bit from PC controls, but it's completely playable. The frustration is mostly in the menus, where mouse control is an afterthought. (Hint: just use the arrow keys like you would on a console controller. In game, it just takes a few minutes to get comfortable with the controls.
Having said all that, it's a FANTASTIC game that hold up well in 2010.The graphics are PS2 quality, but my framerates were very high throughout. The story is great, the gameplay is great, and it gets a 10/10 for style. There is a breezy freshness to the game that is just a ton of fun.
The only hitch with this game, and it's the same consideration in 2004 and 2010, is that it's simply not like any other game. It's not a shoot-em-up. It's got stealth elements, but it's not Splinter Cell or Thief. It has a somewhat-open world with quests (objectives?) you can do in different order. but there's no run and gun. You will spend time driving to islands to take photographs of animals, so you can get in-game boosts. If that doesn't sound like fun, then you probably won't like this game in 2004 or 2010.
There is an action sequence near the end that is just breathtaking because when it finally comes, you're used to a much slower pace.
Also, kudos to Bioshock for implementing a camera. It's a total throwback to BG&E.