Ok so I DID go look at my logs for SL. These are fresh. These are real.
Im no techie but this same thing kept happening about 70% of my log.
2005-12-10T12:01:47Z WARNING: Old host isn't alive.
2005-12-10T12:01:47Z INFO: Removing region 257280:256768
2005-12-10T12:01:47Z INFO: Adding new region (1005:1003)
2005-12-10T12:01:47Z INFO: Host: 66.150.245.50:12035
2005-12-10T12:01:47Z INFO: simulator_enable() Enabling 66.150.245.50:12035 with code 164887
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:47Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: LLWorld::addRegion for a simulator that already exists!
2005-12-10T12:01:48Z WARNING: Old host isn't alive.
2005-12-10T12:01:48Z INFO: Removing region 257280:256768
2005-12-10T12:01:48Z INFO: Adding new region (1005:1003)
2005-12-10T12:01:48Z INFO: Host: 66.150.245.50:12035
2005-12-10T12:01:48Z INFO: simulator_enable() Enabling 66.150.245.50:12035 with code 164887
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
2005-12-10T12:01:48Z WARNING: Packet from invalid circuit 66.150.245.95:13003
etc etc etc.
No wonder it doesnt have time to load textures...its too busy removing and adding the same region...and then logging all these nice packets from invalid circuits...

Go look at your own logs...see if this is happening to you too...would be interested...