Red, green, and blue prim skirts over objects until they're fully ressed in.
It started a few days ago, about February 13-14. I've been playing the game for a little over a month now, with no such problem before that time. There were no changes made to my system between "not seeing them" and "seeing them".
Here's a link to a screen shot, although it doesn't capture the fact that the objects are mobile (like smoke being emitted from an object, continuously moving upward) although you can kind of see the effect on objects off in the distance, upper left portion of the screen.
http://www.serve.com/covenant/alpha/redskirts.jpg
Any ideas? Other than stay away from chemicals... :\