I'm not sure that it's a driver issue as I've never seen anything like it in other games, though I'll try tweaking some Catalyst settings maybe over the next few days. If mobucks is also running ATI then maybe it is.. but I'm going to wait until 11.8 is released before I go through the hassle of updating again.
Also I didn't realise you could install the drivers without the catalyst software... how would you control your cards without it?
It looks like the shadow settings are going bonkers.. other than that I don't know how to describe it, sharp edges like bow, some hull plates, portholes, textures on DC launchers all flash black very fast.
On a possibly unrelated note, looking at your gfx settings Silent I'm surprised to see the particles so high.. they slow my system down something terrible! Though I've just remembered someone here mentioning that having particles off could cause little gfx glitches, maybe it's that?