For some reason, I had to launch it with "-width 5040 -height 1050" to get it to run in surround. Else, it would start showing the Valve logo, and my computer would instantly lock-up, requiring a hard reboot. Tried it on regular 1920x1200 and it worked fine, back to 5040x1050 = total crash. Tried a few different driver versions with the exact same results before I used the command to force a resolution that got it to work.
I noticed the lack of a crosshair after half an hour or so, but not only don't I mind, I prefer it for the more cinematic feel. I've played enough games without crosshairs that I got pretty good at accurate aiming without one. Really love the game, have yet to try the Coop though, waiting for my buddy.
I had the same thing until I set the launch option, still on 266.58 btw. Also no cross-hair as people have noted. Once the launch option was set, I had a nice-long session. Now only if I could get it to work with 3d surround. :D