http://i717.photobucket.com/albums/ww180/GPpa22word/Singularity2011-06-0603-05-04-57.jpg
What happens to me when I enable the fov fix...sometimes. I usually get the game upside down.
I have this same problem.
Whenever I use the fix it either looks like it's really zoomed in and feels like walking around looking through binoculars, or the whole thing is upside down, and still far too zoomed in. It doesn't seem to matter what I put any settings at it still does this.
I'm running on a Radeon 4870, Athlon X2 5600+ and Vista 32bit Premium
Not sure if all that matters though.