It works fine on my system. The only setting I could find that really messed things up was FRONTBUFFER RENDERING FIX, but that should hardly ever be enabled, right boys and girls?
Could you post the output of the COPY INFO button please?
I recently reverted back to the last official 3dfx release of drivers, because the x3dfx D3D driver messed up in Black and White (tiled shadows, weird coloured vortices, etc.).