I get the same bug, it doesn't matter what settings I have the game on, FSAA, Occlusion, Shadows, Reflections, Water, off or on it still happens.
It takes 2 or 3 /reloadgfx to get it back to normal for a mission or two.
Restarting the game client fixes it for an hour or two. Quite annoying.
Unless my character is secretly Neo and has code vision this seems out of place.
Also it should be noted this picture was taken in July, before GR so this isn't a Going Rogue bug but a i17 Ultramode graphics bug. (Though I have found this happening a lot more since GR)
System specs are
CPU Phenom II 1090T 6core 3.2gHz
Ram 8gb DDR3 1333Hz
GPU Radeon HD 5870 10.8 drivers (I did uninstall 10.7 first)
OS Windows 7 64bit.