I've seen this before 2.05, and submitted a bug report on it, but HTC didn't get around to commenting.
In my case, the workaround is completely exiting and then reentering the game. With my typical game settings, this problem always happens the first time I run AH after booting the PC. Online it corrects itself once other players are visible, but offline, the AH restart is always needed.
BTW, in my case, although the game runs 6-10 or so times (600%-1000%) faster than it should, the frame rate shown by is 1/6 - 1/10 normal.
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Dell Dimension 8300
Pentium 4 3GHz
256MB DDR ATI Radeon 9800 XT (AGP), driver Catalyst 5.2, AA & AF on "sw control"
SoundMax Integrated digital audio, Analog Devices driver 5.12.1.3650, "std" hw accel
1024 MB RAM
Windows XP Pro, regularly updated from MS website.
DirectX 9.0c
Desktop 1024x768 pixels, 32 bit color
Aces High max texture size 512, 1024x768 pixels
Norton Internet Security 2004, all updates
Norton Antivirus 2004, all updates
