I was able to get it to work on my machine just fine:
q6600
8800gts
XP64
Here's what I did:
1) find a little program called Orca that will let you edit msi installers
2) run the LostPlanetTrialDx9Setup.exe
3) when it gets to the part where it complaings about the operating system, don't close the window but instead explore to the temp folder inside the 'Local settings' folder associated with your username.
4) in there you'll find the recently extraced msi from the exe (there's probably an easier way to get te msi out of the exe, but winrar didn't do it for me and I found this worked...). It will be named some random name (mine was 1a792.msi) but the file size will be almost identical to the exe (around 363MB)
5) copy the msi file to your desktop
6) close the errored installer (which deletes the copy of the msi in the temp folder, good thing we copied it to the desktop

)
7) open the msi in Orca and find the line that says 'Launch Condition' and delete the associated entry on the right (i just did a right-click -> cut)
8) save the msi file. Make sure to keep the name the same. I tried saving it under a different name and it couldn't find the cab files when installing.
9) run the re-saved msi file, install the game, play.
The game runs buttery smooth on my machine. Not sure why it wouldn't 'support' XP64 as it obvioulsy works here. Just because I'm running xp64 doesn't mean I want to do work *all* the time, I like to play games as much as the next guy...
SJ