Problem with Model Viewer

When I try to run Source’s model viewer I can’t load a model properly, it just shows some black geometry for whatever I try to load (or nothing at all, like when I try to load the combine soldier model).
Any reason/solution for this?

Screenshot:

http://xs.to/image-12CF_4BDC5D7B.jpg

I think the last Source SDK update broke it. It won’t open shit for me either. It only works when I set the SDK to a EP1 engine game.

Yeah, I too can only open the EP1 model viewer.
Damn it, alright. I guess I’ll have to wait. Thanks.