Yep, devs said that it's incompatible with win8, sorry.
Try deleting contents of "cache" folder in My documents/Il2:CLod/
Try using "Verify integrity of game cache" in steam.
Launcher.exe WAS a big problem, but not any more - this is now stable enough that there is international IL2:CLoD championship in progress right now.
Yep tried both of those. Steam should have updated to the latest patch automatically right? Seems strange how I can access all the menus etc perfectly fine.