I have this odd issue with spell effects.

http://i.imgur.com/hSMzM.jpg

You can see the black edges around spell effects, and I suspect some other things as well. I'm thinking it might be related to the alpha layer on the textures or something? This is a fresh Skyrim install and I don't have all that many graphical mods installed yet. Tried deactivating Ultra Realistic World Lighting but that didn't seem to be related.