I get this and other graphics glitches from time to time, mainly to do with LODing and when the engine switches between 2D/sprite alpha'd versions of models and the 3D versions. Alphas on low level LOD seem to render as black or complete messes.
Flicking between windowed and full screen seems to solve this however, as does minimising and returning to the game.
I figure its a driver glitch. (Running on a GF 7800GT @ 1920*1280)
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