Initializing OpenGL graphics device at 640x480 with 16-bit color...
Requested WGL Video values = R: 5, G: 6, B: 5, depth: 16, double-buffer: 1
Actual WGL Video values = R: 8, G: 8, B: 8, depth: 32, double-buffer: 1
OpenGL Vendor : ATI Technologies Inc.
OpenGL Renderer : ATI Radeon HD 4200
OpenGL Version : 3.3.9836 Compatibility Profile Context
You are using 640x480 resolution and 16-bit color depth.
Go to the launcher's video tab and change the resolution from 640 x 480 to your monitor's resolution, which is probably the biggest resolution in the list, most likely the last option in the list.
Also change the color depth to 32-bit.