After the last update, we changed the directory where your INI files are being saved and this can interfere with how the game can run (or lack thereof).
Step 1: Open the old INI directory [Documents\My Games\UnrealEngine3] and delete the ROGame folder
Step 2: Open the [Documents\My Games\RedOrchestra2\ROGame\Config] folder, and delete those files as well
Step 3: Open [C:\Program Files (x86)\Steam\steamapps\common\redorchestra2beta\ROGame\Config] and delete those files.
Go back into Steam, right click on the Red Orchestra 2 beta game and Verify the game cache. Steam will then download a few new files.
Voila! The game should now launch.
Step 1: Open the old INI directory [Documents\My Games\UnrealEngine3] and delete the ROGame folder
Step 2: Open the [Documents\My Games\RedOrchestra2\ROGame\Config] folder, and delete those files as well
Step 3: Open [C:\Program Files (x86)\Steam\steamapps\common\redorchestra2beta\ROGame\Config] and delete those files.
Go back into Steam, right click on the Red Orchestra 2 beta game and Verify the game cache. Steam will then download a few new files.
Voila! The game should now launch.