Figured out a lot of people are having this bug. Simple solution would be to wait for mat's awesome GL client... but maybe it could be fixed now. If everyone who has this bug fills this form:
System specifications:--Do fill CPU and everything else that can contribute, mainboard, GPU, notebook manufacturer etc...
Operating system:--Including service pack and if you've tried reinstalling it
Software installed and running:--List everything relevant. Your dev environment, antivirus, firewall, browser etc.
Did you try launching from bat?--Download this:
http://www.2shared.com/file/_qSfTEiR/sham.html put this in your ace of spades(C:\Ace Of Spades) folder, then double click it
--List the effects of it