Bump, I have a very similar problem.
On zoning from some 'inside' areas to a wasteland area, I get this same trippy kaleidoscope effect until I save the game and reload.
Most notably has happened zoning from any bandit mission area to the wasteland (ghost hidout, garage, etc), and from Wellspring to the wasteland when starting the protect-the-engineer mission.
Sample screen here: http://cloud.steampowered.com/ugc/577810212168363385/9993AD027C2314C8BA94D5775785AB99C473B78F/
Sometimes it doesn't happen, for example zoning out into the wasteland from Wellspring via the garage seems ok every time.
Am running pretty much vanilla game configuration - no special tweaks, 4x AA, and GPU transcoding turned off (because when I turned it on it looned out my screen with blue textures!)
System specs are:
WinXp SP2
Nvidia R285.38 beta driver
Asus GTX560Ti, 1Gb VRAM
Q9650 Core2 Quad @ 3Ghz, 4Gb RAM
This bug makes the protect-the-engineer mission unplayable, because save is turned off during that mission!
Here's looking forward to a patch.

Edit:
Problem still exists in the latest patch, although seems less frequent than before: http://cloud.steampowered.com/ugc/577810212183002244/C0F270ED4E0508FABD5577822AD1E973E147DEA0/
Screen artifacts as above, GPU goes 100% usage, and only fix is to reload.
No special config in the Nvidia control panel, game settings as follows: 1680x1050, fullscreen, 4xAA, vsync on, large texture cache, low anisotropic, GPU transcoding on
(Otherwise game running nicely since last patch - almost no texture pop-in and zero tearing with above settings, although some textures look a little pixelated!)