Al3xand3r: Just adding my 2 cents. To me the easiest way to run these oldies is with the dgVoodoo 2 wrapper.
http://dege.freeweb.hu/dgVoodoo2/dgVoodoo2.html

Anyway, all I needed to do was extract it all then plop the 3 DLL files from dgVoodoo 2's MS folder into the same folder as the game's exe files are located and finally drop dgVoodooCpl.exe in there as well and simply run it to configure the game.

If your antivirus blocks this exe it's a false positive, it is safe and very popular. My antivirus used to flag it but has fixed it since.

The settings I personally use are MAX resolution in the DX tab, as well as using the best virtual GPU option - dgVoodoo Virtual 3D Accelerated Card with 2048MB VRAM - then disabling the watermarks and whatever else I like enabling and you may or may not wish to, like 16xAF and 8xAA. In the general tab make sure you choose the Centered scaling mode, for some reason forcing 4:3 or other modes doesn't work (in the latest version at the time of writing) but Centered somehow makes it so. This could differ in later versions after this post so that's the setting you need to fiddle with in order to get the proper aspect ratio (round radar in-game).

When you first run the game you might need to go to the "Hardware Configuration" in the launcher, then "Change 3D Video Card" and select the dgVoodoo DirectX Wrapper. Or the game might automatically do that perceiving it as the only option.

Absolutely nothing else was needed, no compatibility mode settings or tweaks or other programs or whatever else.

The camera bug some people discuss where the view becomes way too distant as you play is maintained but I prefer the cockpit camera or the close-up camera right after the cockpit camera in the view cycle anyway so it's not a problem for me. Just make cycling the camera your first job after starting a level.

There is a way to use dgVoodoo 2 from a central location so you don't need to clone the exe in every game's folder (though you'll need to copy the relevant DLL files manually still) but you can figure that out yourselves if you want (or if you even have more games where it would work, currently I have Rogue Squadron 3D, MechWarrior 4: Mercenaries - which btw requires the VRAM to be set to 1024MB, it doesn't run with 2048 - and SWAT 3 installed so I've done that). This is just a short guide to play this game using simple steps anyone can manage if they know how to download and extract/move files.

I believe features like "Phong shading" I keep enabled don't actually work in these games, but they also don't break anything.

All of the above on a Windows 10 64 bit installation with an i7 CPU and GTX1080 GPU so definitely very far from what the game was originally intended to run on back in 1998 and yet dgVoodoo 2 makes it work and perform like a charm.

Moving on, the game is pretty fun, if nowhere near as polished and full featured as the GameCube sequels. I was surprised to find how easy it was to map any joystick or controller (though I was initially disappointed to find a joystick wasn't really suitable for the game given the deadzone you cannot change and other control quirks, it's fun with a gamepad).

GenoCL: Out of everything I tried, your solution worked the best for me but I still can't run the game in an actual window (I want to livestream it while keeping the gamepad compatibility)