Works fine for me (see attached).
I just downloaded it, unzipped it with 7-zip and ran it. No compatibility settings or anything. Running Vista Home Premium fully patched (well except for device drivers from MS, silverlight, IE8 or the Office Live Add-in), with an ATI Radeon X1200 series running Catalyst® Version 08.11, Catalyst's OpenGL Version 6.14.10.8201 , Directx 10.
Perhaps you got a bad download? Maybe clear your cache and download a new copy?
Other thing to look at is video drivers, directx, and OpenGL compliance of your video drivers. I'm amazed but I can identify OpenGL by the look of it now. When I looked at the imports of MfcSfcEd.exe, sure enough there's opengl32.dll...
Windows video drivers vary wildly in their compliance with opengl, sometimes a rollback to a previous version will get opengl working again. Often new drivers break it, or only the non WHQL ones include it... all depends on the video card.
Maybe find an OpenGL test app to verify if this might be the issue. (or test with a game that uses either DirectX or OpenGL)
The real question though is how could this have been in existence since 2001 and I never knew about it?!
EDIT: other possibility is that you are missing some dependency that is present on my system (i tend to have lots of development type stuff installed).