I don't think they'll be much help.
The first launch and associated update yielded this: http://pastebin.com/74YFpXtR
The second launch with no update yielded this: http://pastebin.com/LqSYPGBB
I tried to update my graphics drivers, but I think AMD's installer was broken, it gave an error, but left nothing in the error log.
I'll keep trying to update the graphics drivers and will report back if it starts to work.
I understand there are several problems with ati graphics card, although I didn't find any with that specific model. Are you sure you have propetary drivers installed? If so, and they are updated, try installing previous versions. Log files are located in the installation folder, you should paste the contents of projectx.log.