Finally a fix for ATi card owners! This patch only fixes issues associated with ATI Radeon 8500 and above. Owners of video cards other than the aforementioned cards should not apply this patch.

ATI Radeon 8500 (9100) support enabled.
ATI Radeon 9000 / 9000 Pro support enabled.
ATI Radeon 9500 / 9500 Pro support enabled.
ATI Radeon 9700 / 9700 Pro support enabled.
ATI Radeon 9800 Pro support enabled Issues addressed:

32-bit color mode supported on aforementioned Radeon chipsets.

Shadows are now displayed on supported Radeon chipsets.

Download Metal Gear Solid 2: Substance - Version 1.01

Metal Gear Solid 2: Substance - Version 1.01 Read Me

Thanks to Mr A