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If anyone else wants to pick up this bounty on Win10, I found a guide that makes the game work pretty well: https://www.gog.com/forum/shogo_mobile_armor_division/getting_this_game_to_work_on_win_10_is_such_a_drag/post5
The instructions don't need to be followed to the letter: 1920x1080 looks pretty good on my screen (23.5"), and I went directly with full on AFx16. I have some slight performance issues at times, but that's not uncommon on old games when forcing AA.

The game's decently fun so far in the mech sections, but the levels on foot have enemies that are a bit too much accurate with their hitscans. You can literally go from 100/100 to dead in a couple of seconds if you turn a corner while looking in the wrong direction. It's a bit of a shame because the game clearly wants to be fast paced, but you just have to slow down and be careful.

Well, I'm revising my statement. The game's pretty bad. It goes from frustratingly difficult to frustratingly easy, with the AI that sometimes has frame-perfect reactions and other times they just stand there getting shot. The weapon selection is underwhelming, the level design is stupidly simplistic but still managed to confuse me at times, and it doesn't make sense in the setting context (for example, buildings have hallways that end up in nothing, and I'm not talking about non-interactable doors: just walls!). In the city levels there are several spots where you can climb the skyscrapers and reach the edge of the map, seeing the nothingness past it. In the one that takes place in the top floors of some skyscrapers if you look down you can actually see that they are just floating around in midair. The humour, or rather attempts at it, falls flat on its ass. The only thing that's satisfying is the gunplay, but that's to be expected since it's relying on Lithtech, and still, since the weapons are unexciting and the AoE effects seem to only work when they feel like it, it was still far from being good.
Final cherry for me was the final boss that, after reloading upon my first death against it, stopped moving completely. I didn't complain too much, though, considering how many shots it took me to take him down.

It's a shame because the premise of a mixed mecha and infantry fast paced FPS is good.