Yes, I have the same problem on my PC (running of course Windows XP), powered with the following configuration:
P4 3 GHz H.T.
ATI X1600 pro PCI Express
Hard disk SATA1
Sound Blaster X-Fi Xtreme
I tried the "Win98 compatibility mode", starting the game using "Rogue Squadron.EXE" instead of "Rogue.EXE", using software like Reforce to have a constant 75 fps gameplay, but...I still haven't found the solution.
That's a pity, even more considering that there are no other Rogue Squadron games for computer up to now.
Maybe a valid method could be using a 3DFX Wrapper...but I'm not sure.
Do you wanna try?
P.S.: the game runs correctly on Nvidia cards...infact I played it before on a Geforce Ti 4200 agp 2x without any problem.