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I have the same problem - as a workaround if I launch it with the command line parameter -force-d3d9 it appears ok, or if I launch it with my...
This post by nekete fixed it for me (previously all I could do was downgrade to Unity 4.1).
Thanks, this fixed it for me too. 4.1 worked fine so this was really annoying, and the latest 4.2.1 still had the same problem.