I'm new to the game, so this may be a "feature" rather than a bug :-) My horizon seems to be missing -- at least the land portion. At times there is a light blue band or gray band where you suspect missing land textures should be.
Often, the distant horizon looks like a jagged sea mountain range because you can't see the land textures. Or, for example, you see the rising and setting sun/moon that seems to be behind an invisable horizon a little above the visable horizon. When the land eventuall pops in as you get closer, it can be a bit spastic and distracting.
My System:
P3-800
Geforce(1)DDR with latest detanator drivers (same w/9.0)
258 mb ram
Win 98 SE directx 8 (same w/7)
Thanks in advance
Charon