1. Corrupt texture files, do a file validaton from clientloader
2. SHaders are wrong , try changing setting to very high or high or medium then back to your old settings
I had the same problem some time ago.
I couldn't see the textures of the buildings and many of the mobs even if i was playing in the ultra high settings.
I believe this happened because i used once in the past the Safe Mode to enter the game so after that even if i was changing the resolution and the quality to maximum i was still looking a no-texture buildings and mobs.
My solution... i uninstalled EU and also deleted the configuration files in the Documents and Settings and i re-installed the whole game from the scratch.
I am not sure if you delete the configuration files only it might work. Try it and if this doesn't work just do a clean install of the game.
Thanks everyone for the help, l think l'll leave it for abit and see if the future up-date with a patch might fix it
I dont even want to re-install the game from the trouble l had last time
Directly after patch I had the problem that all items in inventory (and hotkeys) were gray, except tools/guns equipped by me which were bright white lights...
Oh, and hair was totally white...
After a reinstall, all those problems, except textures on items in inventory, has been fixed....