I played in SD 720x480 earlier to record with my dazzle and I noticed that the textures looked a lot better then when I played in HD 1980x1080. I'm guessing I have that texture scaling glitch (still present in 1.2 by the way) and suggest anyone who has the issue to try out your game in SD and report here with your findings!

Nope. Same muddy textures are still here.

http://imageshack.us/photo/my-images/215/img0814jp.jpg/
http://i200.photobucket.com/albums/aa2/Mike88Ro/Games/Skyrim-textures/P1000895.jpg

But in the 480p the game looks like a way too close to Morrowind, as if I returned back to 2002