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Can the game even be run on Win 8? I guess it must be, but probably not officially supported
All games I have tried so far worked, even old ones like Birth of the Federation. The only game that did not work is Fallen Enchantress and it's only the damn DRM activator that is not working, the game without DRM would work.

I guess fraps isn`t compatible with windows 8
Fraps does work with other games on W8, just not SOTS2 (I tried with CK2 and it works).
 
The game does absolutely nothing to show or even attemp to show FPS. Everything is done by fraps and not Sots 2. With win 8 microschrott changed alot of their API, which probably has some influence in FRAPS beeing capable showing/catching FPS. Its not always Sots 2.