Those artifices and those horrible textures can't be caused by 1.5 patch. You sure you haven't got bad drivers?
I reverted back to 1.4 and it's fine.
I updated my drivers as well.
Went back to 1.5 and took those screenies.
No fix has worked.
And I am not the only one.
AND, I know what artifices look like. This happens only when moving near an outdoor shadow, or in a shadow. Doesn't happen in sunlight.
And the bad textures are because I set everything to low to see if it would help. Yes, I have tried it back on higher settings.