This issue cropped up in a patch, although I'm afraid I don't know which one exactly.. For some reason when two alpha-mapped textures are layered on top of one another, something weird happens and they kind of cancel one another out - or rather only one of the two textures is ever being rendered at least.
Here's an example of what I mean.. I'll use a pair of glasses to demonstrate, as that's the easiest way to show you what's wrong.
This is how my character used to look ingame:
http://i650.photobucket.com/albums/u...9-08-14-09.png
And this is how he looks now:
http://i650.photobucket.com/albums/u...3-17-51-00.png
You'll note that originally you could see the bangs of his hair hanging over his glasses, whereas now.. The lenses of his glasses appear to literally skewer off his hair at the frames edge. It's very odd looking.. Downright bizarre honestly, and it makes glasses look rather unattractive on anyone with longer hair.
This issue isn't just isolated to glasses though:
http://i650.photobucket.com/albums/u...3-23-50-97.png
If you look here, you'll notice a weird fuzziness effect around the edges of her bangs, which blurs out her eyebrow behind them.. Furthermore the alpha of her hair somehow "clips" into her eyelashes, leaving a kind of hole there.. The hair hanging down the side of her face also looks a little weird too..
I at first thought this might be a driver issue that cropped up recently with nVidia, but I've confirmed it happens to a friend of mine on older drivers, and have in fact downgraded my drivers in an attempt to resolve this.. Nothing seems to work.
My Specs for Reference~
CPU: Intel Core i7 950
RAM: 8GB DDR3
GPU: nVidia Geforce GTX 465
GPU Driver: Official 267.24