If you have the Houdini displayList environment variable disabled to allow you to work with your Wildcat VP, the new drivers seem to fix this. The parameter tab update problem is still there, however.
The added plus is that the new driver also allows you to play with their OpenGL 2.0 demos! (Can't wait until I can use OpenGL 2.0 shaders in Houdini!)
Here is where you can get the driver:
http://www.3dlabs.com/support/drivers/wildcatvp_drivers.htm [3dlabs.com] (Version 3.01-0621)
By the way, this isn't their “Certified” driver.