I also have this problem. All my drivers are up-to date. I'm gonna try the new Nvidia 163.11 BETA drivers and see if that helps, I will report after I have installed and and tried the game.
Intel Core 2 Quad Q6600
XFX GeForce 8600GTS 675M 256MB GDDR3
Windows Visa 32Bit (DX 10)
EDIT:
After installing the BETA driver it still was the same problem. But then I found another post here in the forum that said to check if some options in the Nvidia settings was on "forced" and and some where, I than changed it to "application controlled" as the post said. And now it works and I can see the textures. I had som problem to change som settings because it just went back to "forced". So I had to make a profile for graw2.exe and sett the options to "application controlled" there.
Hope it works for you too.