Works just fine on my laptop (windows 7 64 bit, Geforce GT 540M, widescreen). Original version I had worked great on Windows 98, but used to crash terribly on Windows XP and flickered badly, this one works also has some minor flickering in menus, but nothing too serious. Widescreen support doesn't exist, but that's really not that much of a surprise. Multiplayer seems to be down, it was powered by GameSpy if I recall correctly, so it's not a surprise, I guess.
For those who have issues - install directx version suggested in forums, use compability mode and don't forget it's a game from era that is kinda hard to play on modern PCs without tweaking, as developer can't really give you a DOS BOX and just emulate old hardware.
Gameplay wise it's a great strategy surviving the trial of time well, especially when there are not that many WW1 strategies out here at all. It is lacking trench warfare so it's impossible to call it realistic, but otherwise amount of troops on screen and the variety of the game is really impressive.