Yes, and no.
Here's the deal: We ripped out the old HUD, because it was implimented in a very arcane, retarded way. So it's gone now. So, there's no HUD.
However, the grey blobs issue is something we've seen, and only have a marginal idea on. It could be one for the following:
1) You need to update your videocard drivers (doubtful, but maybe)
2) You need to download the latest Nvidia CG Toolkit (here:
http://developer.nvidia.com/object/cg_toolkit.html). If that fixes it, let us know! That measn we need to fix something in the app, so it installs the DLL automagically.
3) Something broken in our shaders, which we can fix preatty easily.
Mind pasting the output in the console when you run the game? It might be useful for us...
--Chris