Specs:
Steam Client
Windows 7 home premium 64 bit
Intel(R) Core(TM)2 Duo CPU E8335 @ 2.93GHz, 2926 Mhz, 2 Core(s), 2 logical processors
4 Gig RAM
NVIDIA Geforce GT 120
2.25 GB available
The issue at hand isn't like a black screen (though just as bad I guess) but rather one that takes on the background instead of playing the game. I noticed I can press where the log in button is though, and I can even 'log in' though I have no visual at all. The music plays, and it seems I can get so far as past the character creation screen though to no avail of seeing anything.
I reinstalled the game, java as well, even tried updating my drivers, regediting Java, and checking the web for answers. I didn't have this problem on my last partition with the same specs and everything (it was last week as well).
I should probably add that this is being run on bootcamp.
Please post the contents for your projectx.log file after you fun the game and hit your problem. It should be located in C:\Program Files (x86)\Steam\steamapps\common\spiral knights.