Okay I apparently am not allowed to post links for whatever reason, so the screenshot that illustrates the problem is at...
i40.tinypic [dot] com [slash] 1zofh52 [dot] jpg
It's very ugly, I can't play the game like this. The lines you see on the screen only appear when I walk underneath something, but it'll also make the contrast suddenly go dark and then light up again jarringly when I cross over. This issue is new to Patch 1.5 and was not present before this patch.
I'm on low-end Intel Dual Core E7300 @ 2.66Ghz, with 3GB RAM and a Radeon 3800 (512MB). I have a few mods to add armour and weapons to the game installed, but nothing that would effect the lighting. Any advice on how to fix this would be greatly appreciated.
There is a thread on Nexus with people having the same problem (with screenshots), but apparently I don't have permission to post links so you'll have to do with just me.

. But to the point: I have this issue both in interiors and exteriors, be it a freshly recreated INI or a tweaked one. With 1.4, there was no such issue. However I was also using ENB antifreeze patch 096 and with that patch shadows in 1.5 are O.K., but - underwater is a solid color with nothing to be seen. Without ENB, underwater effects are on, but the shadows are ###.