Cool Game! I had to end it a bit early though because I didn't think my computer could hold on that longer. So yeah, a great game, but maybe town down on the graphics/effects a bit.
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Try putting your graphics settings to LOW in the Settings menu. It seems to fix it for people as the problem is with the fire effects, which wont spawn dynamic lights on low settings :)
It does make the level Guerilla really dark, but at least the final boss is playable (with some weird bugs with reflection)