I got the very same problem. Setting the parameter "fullscreen 0" make it work - only oin window, tought, but it work. I then selected 800 x 600 and it still not work, yet another day when I just try run BF2 exe w/o any options, it suddently start working. So maybe reboot after that and you are maybe in luck?
I still wonder how anyone can ask money for such bad work anyway...
