The game seems to run fine with the exception that the in-mission text (such as the subtitles for people talking on the radio) looks horrible/unreadable. The actual game menus are fine (where you set your resolution etc.) it's just the in-mission text.
I noticed in auotexec.cfg there is an option labeled: "FontWidthHeightRatio" but so far I haven't gotten any results from messing with it.
Any ideas?
EDIT: well it turns out that disabling clear type in windows (Windows 7) fixes the issue. Strange. Anyone else run into this before?

While it didn't bother me that much that I had this issue, I did what you did, and it worked for me as well.
So thank you!

I tried this and it didn't entirely fix the issue...it still looks pretty bad.

Not sure if this is still relevant to anyone but here's how I solved my garbled subtitle fonts:

1) Disable ClearType Text

2) In the advanced options of the game disable the “Enable optimized surfaces” option

3) In Catalyst Control Center set the 3D Application Settings to “Use application settings”, obviously this is only applicable to ATI Radeon cards.

Once I did these things my garbled text disappeared. Game works great. Running in Win7 64 bit environment with an ATI Radeon 4850 card with max. game settings at 1920 x 1080 resolution.

Disable Vsync and...

Try limiting the max FPS.
Open the game -> start a session -> press '~' -> maxfps 55

sadly, does not work for me (Win7 64bit, AMD 7870, newest Catalyst) at 1920x1080 -.-'

Yeah it didn't work for me either :/

Necrobumping with a lazy hack because I hate having to tweak windows stuff everytime I launch this game.

If disabling ClearType is enough for you to fix the text (it should be), then you can automate the process thanks to karpolan's "cleartype-switch" program (google it). :
1/ Install it
2/ Create a file "ShogoNoClearType.bat" next to Shogo.exe or wherever it shouldn't matter much
3/ open it with your favorite text editor and paste into it the following code, make sure to replace ClearTypeSwitch.exe and Shogo.exe addresses

"D:\outils\ClearType Switch\ClearTypeSwitch.exe" s+ c-
"D:\jeux\Shogo - Mobile Armor Division\Shogo.exe"|more
:waittofinish
timeout /T 2 /nobreak >nul
tasklist /fi "IMAGENAME eq client.exe" /fo csv 2>NUL | find /I "client.exe">NUL
if "%ERRORLEVEL%"=="0" goto waittofinish
if "%ERRORLEVEL%"=="1" goto end
:end
"D:\outils\ClearType Switch\ClearTypeSwitch.exe" s+ c+

What does it do ?
First it disable ClearType, then it launches Shogo.exe (the launcher), then it waits for client.exe (the actual shogo game) to end, then it reactivate ClearType.