Also having this problem, but I'll go ahead and provide some clarity since I managed to login.

Time: 7:50 AM CST
Frequency: All the time, only in cut scenes does it work normally
World name: Ultros (Though it affects all servers, including JP)
Character name: Carth Faram
Party or solo: Solo
Area and coordinates: Ul'Dah - Steps of Thal and Limsa Lower Decks (Though it affects all areas)

Here's an image of the lack of the text.




However, that image doesn't tell the full story at all. Since the NDA is lifted, I have decided to upload a video to show the issue in full clarity.

Click Here for Video

I should note this game was working perfectly for me until I downloaded the most recent patch this morning.

I also checked Starcraft II on Maximum settings, and Guild Wars 2 on Max settings, neither of them have any graphical issues, so it's definitely not a problem with anyone's computers. But I've provided my system information below.

-=-=-=-=- System Information -=-=-=-=-

SYSTEM_OS Windows 7 Ultimate 64-bit (6.1, Build 7600) (7600.win7_gdr.120503-2030)
SYSTEM_CPU AMD FX(tm)-4100 Quad-Core Processor (4 CPUs), ~3.6GHz
SYSTEM_CORE_NUM SYSTEM_CORE_LOGIC 4 SYSTEM_CORE_PHYSICS 4
SYSTEM_BIOS BIOS Date: 11/17/11 20:45:13 Ver: 04.06.04
SYSTEM_LANGUAGE English (Regional Setting: English)
SYSTEM_MEMORY 8171.641MB
SYSTEM_VIRTUAL_MEMORY 2047.875MB
SYSTEM_PAGE_FILE 16341.426MB
SYSTEM_STORAGE C:\ SYSTEM_HARDDISK_DRIVE SYSTEM_TOTALDISC_SPACE 455.586GB SYSTEM_FREEDISC_SPACE 68.723GB
SYSTEM_STORAGE D:\ SYSTEM_HARDDISK_DRIVE SYSTEM_TOTALDISC_SPACE 10.173GB SYSTEM_FREEDISC_SPACE 10.082GB
SYSTEM_STORAGE F:\ SYSTEM_HARDDISK_DRIVE SYSTEM_TOTALDISC_SPACE 698.637GB SYSTEM_FREEDISC_SPACE 207.550GB
SYSTEM_DIRECTX_VERSION DirectX 11
SYSTEM_GRAPHICS AMD Radeon HD 6700 Series
SYSTEM_GRAPHICS_DEVICE \\.\DISPLAY1
SYSTEM_GRAPHICS_CHIP AMD Radeon Graphics Processor (0x68BF)
SYSTEM_GRAPHICS_MAKER Advanced Micro Devices, Inc.
SYSTEM_GRAPHICS_VRAM 1012.844 MB
SYSTEM_GRAPHICS_SHARED_VRAM 3829.820 MB
SYSTEM_GRAPHICS_DAC Internal DAC(400MHz)
SYSTEM_GRAPHICS_DISPLAY_MODE 1440 x 900 (32 bit) (60Hz)
SYSTEM_GRAPHICS_DRIVER aticfx64.dll,aticfx64.dll,aticfx64.dll,aticfx32,aticfx32,aticfx32,atiumd64.dll,atidxx64.dll,atidxx64.dll,atiumdag,atidxx32,atidxx32,atiumdva,atiumd6a.cap,atitmm64.dll
SYSTEM_GRAPHICS_DRIVER_VERSION 8.17.0010.1172
SYSTEM_GRAPHICS_DRIVER_DATE 12/19/2012 3:08:04 PM
SYSTEM_GRAPHICS_DRIVER_LANGUAGE English
3.0
SYSTEM_GRAPHICS_PIXEL_SHADER 3.0
SYSTEM_GRAPHICS_VERTEX_TEXTURE SYSTEM_SUPPORT
SYSTEM_SOUND Headset Earphone (Afterglow Universal Wireless Gaming Headset)
SYSTEM_SOUND_DEVICE_ID {2A8D274C-F0A7-4106-86A8-ED8E840B2076}
SYSTEM_SOUND_DEVICE_NAME USBAUDIO.sys
SYSTEM_SOUND_DRIVER_VERSION 6.01.7600.16385
SYSTEM_SOUND_DRIVER_LANGUAGE English
SYSTEM_SOUND_DRIVER_DATE 7/13/2009 7:06:32 PM
SYSTEM_SOUND Realtek Digital Output (Realtek High Definition Audio)
SYSTEM_SOUND_DEVICE_ID {49F0FAF8-F52C-416A-82FB-282557AE72AF}
SYSTEM_SOUND_DEVICE_NAME RTKVHD64.sys
SYSTEM_SOUND_DRIVER_VERSION 6.00.0001.6378
SYSTEM_SOUND_DRIVER_LANGUAGE English
SYSTEM_SOUND_DRIVER_DATE 5/24/2011 7:34:04 AM
SYSTEM_SOUND Speakers (Realtek High Definition Audio)
SYSTEM_SOUND_DEVICE_ID {C0AA0605-7C1F-4180-A39C-10804D6ECEE8}
SYSTEM_SOUND_DEVICE_NAME RTKVHD64.sys
SYSTEM_SOUND_DRIVER_VERSION 6.00.0001.6378
SYSTEM_SOUND_DRIVER_LANGUAGE English
SYSTEM_SOUND_DRIVER_DATE 5/24/2011 7:34:04 AM
SYSTEM_INPUT {6F1D2B60-D5A0-11CF-BFC7444553540000}
SYSTEM_INPUT_NAME Mouse
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 3 SYSTEM_GAMEPAD_BUTTON 8 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {6F1D2B61-D5A0-11CF-BFC7444553540000}
SYSTEM_INPUT_NAME Keyboard
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 128 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BA12A790-99C4-11E1-8001444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 652 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BCBAE430-99C4-11E1-8002444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 3 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BD064510-99C4-11E1-8003444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 0 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BD529050-99C4-11E1-8004444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 0 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BD52B760-99C4-11E1-8005444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 0 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {BD9F29B0-99C4-11E1-8006444553540000}
SYSTEM_INPUT_NAME USB Receiver
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 0 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {834FFD60-6A58-11E2-8001444553540000}
SYSTEM_INPUT_NAME Hid Interface
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 0 SYSTEM_GAMEPAD_BUTTON 5 SYSTEM_GAMEPAD_FOV 0
SYSTEM_INPUT {49EDE970-0BDE-11E2-8004444553540000}
SYSTEM_INPUT_NAME MotioninJoy Virtual Game Controller
SYSTEM_INPUT_REMARKS SYSTEM_GAMEPAD_AXIS 8 SYSTEM_GAMEPAD_BUTTON 20 SYSTEM_GAMEPAD_FOV 1