Armada 2 launcher works fine for me.
I'm using Win 7 x64 SP1 Ultimate.
The only problem is that I cannot install the game (after pressing 'Install' button, it doesn't do anything).
I'm trying to find an alternative solution.
Armada 1 on the other hand installs fine and I can run it. I'm only experiencing a problem at the moment with it being sluggish in game-play... this is likely due to my older Nvidia drivers.
Updating them to the latest version seems to correct the problem for a lot of people (I have yet to try it).
Also, run the game in compatibility mode for XP SP2, and use MSconfig to limit the amount of RAM to 2GB if you get the 'not enough memory' error.