Updates to Waveform have been released. The updates will be applied automatically when your Steam client is restarted. The major changes include:

This update addresses the following compatibility issues that affected some users:
-Texture display problems on netbooks (some textures appeared as white boxes)
-Running the game on Vista or Windows 7 with Aero enabled
-Black screen in any level with the Distortion effect

Also included in this update are two features requested by the community:
-Press 'Esc' to back out of menus. Previously pressing 'Esc' would quit the game
-Choose whether or not to have the cursor visible in-game. Toggle this via the Options menu