Like so many others it seems, I too had problems with flickering shadows post 1.5. I read in one of many threads that updating the graphics card driver would work, and that did solve the flickering shadows.

However, another post-1.5 issue is the fact that spell effects aren't showing anymore. This is particular annoying when on my warrior perked char, can't see enemy casters casting frost spells at me. Updating my graphics card driver didn't fix the spell effects, though. Also didn't fix the map looking extremely blurry all, but that's just annoying, it doesn't get my character frustratingly killed by invisible frost spells.

I can't figure out which slider or options box determines spell effects, or if there are any at all, which leaves me to think I'll just have to wait till a new patch. In the "What we're working on" sticky from Bethesda, they don't mention working on this, but has there been any official word that they're acknowledging these problems?

Your symptoms are the same of others (like me) that can't see spell effects, dragon breaths (fire/frost trails), spider webs, weather effects, world map blurred, etc since v1.0.

Updating drivers fix this problem for some players, others have to low their game graphical settings, while others (like me, again) only find ENB patches to work.

If you don't want graphical enhancers/if you want the vanilla/original graphics, try the ENB anti-freeze patch v0.096 (patch #9). I found that it is very unstable with the new official versions/patches of the game, but you get your magical effects backs.

As an alternative, you can try an ENB graphical mod that enhances lightning, etc and that is supported for the new game versions. You can search for ENB mods in Skyrim Nexus.