Yeah, this sucks. I tried several compatibility modes and launching as admin, but still getting sluggish gameplay. All the wraparound stuff works fine.
I sent a request to Support, and while we weren't able to get it working, the newest hotfix does seem to have made a significant difference to performance.
Now I'm not sure whether this is a problem with the original emulation or not, but it seems there are some weird hiccups while playing, but the hotfix does make a big difference (but still not a smooth experience atm).