I've unistalled completely and reinstalled again and I have the same problem.
Game worked fine for me with 1.01 and now with 1.02 it's completely stuffed when I load into a mission. I'm walking around in the air and can only see orange glare, no ground, no horizon, no buildings, just a lot of big squares.
I have the latest nvidia drivers, running an 8800GTS.
All I can think to try is going back to slightly older drivers.