@M123 Right, sorry. The stuck on loading was caused due to DirectPlay install prompt. I kept pressing install but postponing PC restart and it caused some issues. I was reluctant to restart because a Windows update came up, so yeah, restarting for DirectPlay install seems to be mandatory.
As for my experience with dgvoodoo, here it goes:
Running without dgvoodoo causes severe performance issues and pink texture (and eventually crash) upon going into the Options. First Person was basically impossible to cope with.
Then I installed dgvoodoo 2 (most recent build, 2.55) and placed copies of the dll files on the machines folder. The game became MUCH smoother, perfectly so in fact. However, I started running into game freezes a couple of seconds (but only video, the sound effects keep playing), sometimes minutes into a game, depending on the amount of units in combat (I experimented in campaign and also scenarios). I fiddled with dgvoodoo, particularly the videocard and VRAM options but the issue remained.
Finally, and my present set up. I'm running dgvoodoo2 but without the .dll files inside the machines folder. The performance is okay but not as good as with the .dll files and I'm not experiencing crashes/freezing.
Also, I'm running in compatibility mode with XP pack 3, but without it it's the same. Besides that one, no other checkbox changes anything, although windows keeps forcing the DPI scaling compatibility option.