Large sections of terrain now 'underwater' (latest patch)

[W0ef]

Well, MP is a bit icky right now.

Are you sure the server you played on ran the same patch version as you? Many (like SYN server for instance) rolled back to the previous beta patch but you can still connect even if your version and the server version do not match.

With what you just said about it being MP specific it sounds to me like this is one of the bugs that could be caused by the server and client running two different patch versions.