I guess I'm a little late adding to this.
Having lost interest even in stuff I had just bought to revisit (Kane & Lynch), I needed... something.
So I revisited Shadowgrounds (which I had bought at retail and quite enjoyed in its day), and then I realized I don't think I'd even played the demo of Shadowgrounds Survivor. I played the demo on Steam, and it's a blast. I like the graphical improvements, and the exploding barrels add quite a bit to it. I need to get better with the hand grenade tossing. Environments are a little bit more open than the original game, and here and there are some unexpected "monster ambushes".
I've forgotten the strategy for taking down those nasty mech-spider things (I think it's too shoot them from behind but they're awfully agile at keeping their back away from you), and at the medium difficulty I was getting whupped repeatedly near the end of the demo.
They've also added something of a "leveling" system where you earn personal upgrades (this is sort of separate from the upgrading of weapons which is still a big part of it). Some of the cooler upgrades are an "auto use" of medkits when you fall to 50% health or below; and a pricey one (Brute Slayer) that lets your character hop up on top of a particularly nasty beasty creature and head-shot it (you don't get to see the Brute in the demo afik, but I've seen it in the trailer for the game, and the top down animation is pretty awesome).
I'm sorry I missed the $5 Steam sale on Survivor last year. I think it's $14.99
[note: Not $19.99, fwiw] these days. If I end up getting it, I'll post some belated observations here.
At their forums, some folks with 64-bit Vista had trouble with the boxed version in terms of installing it. In most cases, it seemed that installing NVIDIA's PhysX drivers fixed it (even if your video card doesn't support it, it seems to inexplicably be required to install the game properly on some systems). I don't think the Steam version has that problem though, and the demo ran smoothly on my 64-bit Vista, fwiw.
btw, Frozenbyte is getting quite a bit of hype and good buzz for their upcoming PS3 (PSN)/PC side scrolling 3-race platformer (for lack of a better word) Trine:http://trine-thegame.com/site/
I've read in interviews it actually uses a heavily modified (and re-coded since it wasn't designed for PS3) version of the Shadowgrounds Survivor engine...