Pretty straightfoward. I load a map, play for 20-30 seconds, then screen is completely filled with the dirt block texture. 5-10 seconds later it crashes to the desktop. I've been playing Minecraft for quite a while and I haven't come accross this issue yet. I've played 1.4.2 Vanilla for a few hours without a hitch.
Environment
Windows 7 Professional 64-bit
Java Version 7 Update 9 (both 32 and 64-bit versions installed)
6 gigs RAM
Seems to be the same bug being discussed in MC-1608