Installing the codec pack worked for me,
For a first release this is pretty good (coming from a huge Audiosurf fan) it would certainly benefit from some different gameplay modes though, like the Pointman mode in the aforementioned.. some different visualizer/track options would also be most welcome.
I don't know about anyone else but i found it impossible to avoid all the red icons, as they are quite often across all three lanes at the same time.
All in all a fun experience, i look forward to seeing how this develops.. for the record i threw some 8+ min (Mp3) tracks in there and didn't have any problems.