This card is confirmed to work with UI2 w/alpha blending after installing the latest drivers.
Beware, the card wouldn't project a video signal after installing the new drivers when using a DVI->VGA adapter. Even after pressing 1 and 2 to switch the video output for the AVWizard, it wouldn't project a signal. S-video and DVI->HDMI cable both worked fine though.
Still tweaking settings, will update if necessary.
During installation, the workaround posted in this thread helped quite a bit.
The documentation is for a 256MB version GTS, while I'm using the 512MB version bought from Newegg.com here.