I'm getting the same thing
Shaders/StaticMesh.fx not found!!! _DO_ check your working directory, _AND_ sync your shaders folder before calling upon your local rendering programmer/GP. (really!)
Here's my system info:
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System Information
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Operating System: Windows 2000 Professional (5.0, Build 2195) Service Pack 4
Processor: AMD Athlon(tm) 64 X2 Dual Core Processor 4400+ (2 CPUs), ~2.2GHz
Memory: 1024MB RAM
DirectX Version: DirectX 9.0c (4.09.0000.0904)
Video Card name: NVIDIA GeForce 7600 GS
Chip type: GeForce 7600 GS
Display Memory: 512.0 MB
I'm running the BF2142 1.25 patch, and I noticed during the installation it said that it didn't detect version 1.25.... problem with the installer not unpacking all required files maybe?
And, HOW does one "sync your shaders folder"?????? 
I've seen screenshots of the ingame look of this mod, and guys/gals.... all I can say is WOW! I can't wait to get my system up-n-running!