Ever since the most recent update I've been having a rainbow of crazy graphics glitches whenever I play. Last night everything was tinted pink and sometimes pieces of the floor would disappear and reappear. The day before that the openGL display driver would crash whenever I tried to play. Today there's a whole new bizarre thing, which I actually have a screenshot of this time.
http://steamcommunity.com/id/paradachshund/screenshot/614973792605038980...
What you can't see in that screenshot is that the crazy rainbow color that all the npcs are was constantly shifting around and spazzing out. Also those weird color spikes were constantly appearing and disappearing everywhere.
Also, right after taking that screenshot I went into Emberlight and once it loaded everything was hidden and I could only see the background. The game was apparently still working cause when I hovered over where the interface buttons should be, my cursor changed to the hand cursor, so I think the game was still there, I just couldn't see it.
I have an nvidia GTX 460 card and have never had anything like this until the last update.
Did you try changing all the graphic options and reinstalling the game?