I did see this as well but its wierd in my case. I am using UF client.
I am running all my characters in 3 different PCs. The one that has issue is the one that has all graphic maxed both via option and via in game. What it happens is as the terrain texture is gone (all transparent). I do see the mobs, some ground decoration textures on the ground, the Ldon entrance camp fire, The obstacles such as trees. But the rest is all blacked out.
However, on other accounts that I use which has minimum resource, minimum graphic options (all disabled, low detail, no sound), stick figures does not have this problem. The texture shows as before. Bellow are the screenshots of the issue.

- Issue.jpg (56.57 KiB) Viewed 1191 times
This is from the main char. All graphic options enabled, high terrain texture, and other stuff from eq option config. Ingame has all enabled to high except radiant flora, shadow and improved lighting. You can see that its missing the ground and sky textures, but everything else is present.

- No issue.jpg (135.69 KiB) Viewed 1191 times
This is from my other characters. All options are on low or disabled via option config. Ingame options has almost all options to the minimum. As you can see, the ground and sky textures are visible like normal.
P.S. I have tried to re-install the installer, copied south ro files from the other folder that has no issue to the one that has, but results are the same.