Sorry for my English. At launch, the screen flashes black for some times, and there is message recommending to read http://forums.spiralknights.com/en/node/48. It doesn't help at all. Here are projectx.exe and launcher.exe logs.
2011/07/04 23:58:30:653 INFO H$a.a: Logging to 'c:\program files\steam\steamapps\common\spiral knights\.\projectx.log'.
2011/07/04 23:58:35:546 INFO H$a.a: Steam initialized.
2011/07/04 23:58:35:573 INFO H$a.a: Couldn't create display; switching fullscreen mode. [fullscreen=true]
2011/07/04 23:58:46:776 WARNING H$a.a: Couldn't find valid pixel format.
2011/07/05 00:15:40:100 INFO e.a: ------------------ VM Info ------------------
2011/07/05 00:15:40:103 INFO e.a: -- OS Name: Windows 7
2011/07/05 00:15:40:103 INFO e.a: -- OS Arch: x86
2011/07/05 00:15:40:103 INFO e.a: -- OS Vers: 6.1
2011/07/05 00:15:40:103 INFO e.a: -- Java Vers: 1.6.0_25
2011/07/05 00:15:40:103 INFO e.a: -- Java Home: c:\program files\steam\steamapps\common\spiral knights\java_vm
2011/07/05 00:15:40:103 INFO e.a: -- User Name: Asus
2011/07/05 00:15:40:104 INFO e.a: -- User Home: C:\Users\Asus
2011/07/05 00:15:40:104 INFO e.a: -- Cur dir: c:\program files\steam\steamapps\common\spiral knights
2011/07/05 00:15:40:104 INFO e.a: ---------------------------------------------
2011/07/05 00:15:40:129 INFO e.a: Failed to find proxy settings in Windows registry [error=java.lang.UnsatisfiedLinkError: no jRegistryKey in java.library.path]
2011/07/05 00:15:40:131 INFO e.a: ---------------- Proxy Info -----------------
2011/07/05 00:15:40:132 INFO e.a: -- Proxy Host: null
2011/07/05 00:15:40:132 INFO e.a: -- Proxy Port: null
2011/07/05 00:15:40:132 INFO e.a: ---------------------------------------------
2011/07/05 00:15:40:135 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/liblwjgl64.so]
2011/07/05 00:15:40:135 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/liblwjgl.so]
2011/07/05 00:15:40:135 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libjinput-linux.so]
2011/07/05 00:15:40:136 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libjinput-linux64.so]
2011/07/05 00:15:40:136 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libopenal64.so]
2011/07/05 00:15:40:136 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libopenal.so]
2011/07/05 00:15:40:136 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libkeybd.so]
2011/07/05 00:15:40:137 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=resource, value=[linux] native/libfroth.so]
2011/07/05 00:15:40:137 INFO e.a: Skipping [quals=mac os x, osname=windows 7, osarch=x86, key=resource, value=[mac os x] native/liblwjgl.jnilib]
2011/07/05 00:15:40:138 INFO e.a: Skipping [quals=mac os x, osname=windows 7, osarch=x86, key=resource, value=[mac os x] native/libjinput-osx.jnilib]
2011/07/05 00:15:40:138 INFO e.a: Skipping [quals=mac os x, osname=windows 7, osarch=x86, key=resource, value=[mac os x] native/openal.dylib]
2011/07/05 00:15:40:138 INFO e.a: Skipping [quals=mac os x, osname=windows 7, osarch=x86, key=resource, value=[mac os x] native/libfroth.jnilib]
2011/07/05 00:15:40:138 INFO e.a: Skipping [quals=linux, osname=windows 7, osarch=x86, key=java_location, value=[linux] /spiral/client/java_linux.jar]
2011/07/05 00:15:40:139 INFO e.a: Skipping [quals=mac os x-x86_64, osname=windows 7, osarch=x86, key=jvmarg, value=[mac os x-x86_64] -d32]
2011/07/05 00:15:40:152 INFO e.a: Able to lock for updates: true
2011/07/05 00:15:40:198 INFO e.a: Verifying application: http://download.threerings.net/spiral/20110624142539/
2011/07/05 00:15:40:199 INFO e.a: Version: 20110624142539
2011/07/05 00:15:40:199 INFO e.a: Class: com.threerings.projectx.client.ProjectXApp
2011/07/05 00:15:40:230 INFO e.a: Dropping status 'm.validating'.
2011/07/05 00:15:40:233 INFO e.a: Unable to read version file: .\version.txt (Не удается найти указанный файл)
2011/07/05 00:15:41:183 INFO e.a: Dropping status 'm.validating'.
2011/07/05 00:15:41:185 INFO e.a: Resources verified.
2011/07/05 00:15:41:185 INFO e.a: Dropping status 'm.launching'.
2011/07/05 00:15:41:188 INFO e.a: Didn't find any custom environment variables, not setting any.
2011/07/05 00:15:41:189 INFO e.a: Running .\java_vm\bin\javaw.exe
-classpath
c:\program files\steam\steamapps\common\spiral knights\.\code\config.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\projectx-config.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\projectx-pcode.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\lwjgl.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\lwjgl_util.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\jinput.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\jshortcut.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\commons-beanutils.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\commons-digester.jar;c:\program files\steam\steamapps\common\spiral knights\.\code\commons-logging.jar
-Dcom.threerings.getdown=true
-Xmx256M
-XX:+AggressiveOpts
-XX:SoftRefLRUPolicyMSPerMB=10
-Djava.library.path=c:\program files\steam\steamapps\common\spiral knights\./native
-Dorg.lwjgl.util.NoChecks=true
-Dsun.java2d.d3d=false
-Dappdir=c:\program files\steam\steamapps\common\spiral knights\.
-Dresource_dir=c:\program files\steam\steamapps\common\spiral knights\./rsrc
com.threerings.projectx.client.ProjectXApp
Is the game trying to start in fullscreen mode?