Hey there...
Just wanted to let you know, I had exactly the same problem as you did, and managed to get it working without having to format...
So here's what you can try...
Step 1 - run regedit, find every key with "Beyond" in it, delete ALL keys...
Step 2 - uninstall game
Step 3 - Reboot
Step 4 - Reinstall...
This worked for me (same error - my original disc kept throwing up the "disk identification error", and MAY work for you to..
Hope it helps..