Game engine freezes

I have been experiencing a bug where the game rendering engine - i think - hiccups and resets, without ever crashing the client. This issue has been present since 0.3's launch, and continues into 0.3.1. I have captured and uploaded what it looks like on my end for anyone to see at the youtube link below.

I have tried playing with the graphics settings and updated graphics drivers, verified through steam, and done a fresh install. None have resolved the issue

Bug report# 2,666,918,664

https://www.youtube.com/watch?v=BOXlCGP0nuY