The Longest Journey won't run on Windows 7

After some searching (too much, that's why I'm posting the answer here) I found a solution on the forum of Good Old Games.

Adding the following DirectX section to "preferences.ini" file located in "C:\Users\UserName\AppData\Roaming\The Longest Journey" seems to solve the issue:

[DirectX] 
GfxDriver=display 
int_BitDepth=32 
bool_IsDoubleBuffer=0 
bool_UseHardware=0 
bool_StartFullscreen=1 
bool_ForceSingleBuffer=1