The pics of the "flashing texture" bug are posted here:
http://forum.1cpublishing.eu/showthread.php?t=2463
For me, everything else looks great as these pics (water=2) show:
Windows XP Professional
NGO 97.92 drivers
AA=Supersampling 16xS, with gamma correction and Super-Transparancy
Anistro=application
VertSync=on
OpenGL Triple Buffering
All OpenGL Optimizations=off
OpenGL settings:
[Render_OpenGL]
TexQual=3
TexMipFilter=2
TexCompress=0
TexFlags.UseDither=0
TexFlags.UseAlpha=0
TexFlags.UseIndex=0
TexFlags.PolygonStipple=0
TexFlags.UseClampedSprites=0
TexFlags.DrawLandByTriangles=1
TexFlags.UseVertexArrays=1
TexFlags.DisableAPIExtensions=0
TexFlags.ARBMultitextureExt=1
TexFlags.TexEnvCombineExt=1
TexFlags.SecondaryColorExt=1
TexFlags.VertexArrayExt=1
TexFlags.ClipHintExt=0
TexFlags.UsePaletteExt=0
TexFlags.TexAnisotropicExt=1
TexFlags.TexCompressARBExt=1
TexFlags.TexEnvCombine4NV=1
TexFlags.TexEnvCombineDot3=1
TexFlags.DepthClampNV=1
TexFlags.SeparateSpecular=1
TexFlags.TextureShaderNV=1
HardwareShaders=1
Shadows=2
Specular=2
SpecularLight=2
DiffuseLight=2
DynamicalLights=1
MeshDetail=2
VisibilityDistance=3
Sky=2
Forest=3
LandShading=3
LandDetails=2
LandGeom=3
TexLarge=1
TexLandQual=3
TexLandLarge=1
VideoSetupId=17
Water=2
Effects=2
ForceShaders1x=0
PolygonOffsetFactor=-0.15
PolygonOffsetUnits=-3.0