I tried lowing my render distance but that didn't work. It is unplayable and it hurts the eyes. I looked around and no one seems to have this issue.
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I have the same problem for version 1.9 when creating a new world only. Screen is glitchy. Can't see the true terrain around me, like it can't seem to figure out my POV. The only things that seem "anchored" are the mobs like sheep and chickens. See attached files weird[1-4].jpg.

glitchy screen

I've been having that problem too - it works fine until I load a world, then either the rendering glitches like crazy, or else it renders fine but lags like crazy. I tried closing out of Minecraft completely and relaunching the game - no luck, it still does it.
Interestingly enough, it seems to only be the rendering that's gone to hell (small consolation!) - F3 shows the right coordinates and the right type for the block you're looking at, and block interactions do seem to be fine (as far as I could tell, at least - it's pretty hard to keep track of what you're actually looking at when your rendering's shot to shit).

Outdated & broken AMD display drivers, see MC-62958

That seems to fit with what I've been experiencing (updating and restarting my computer solved both the glitchy rendering and the massive lag).

Yeah when i logged in to my 1.8 maps to try them out in 1.9 it has the same problem if not worse. I can't even play the game with the glitch. Pigs for some reason grew in size when glitched out but when i toggled the render distance they disappear except for their shadows.

Updating my video driver seemed to solve it. In Windows 8, Control Panel, Device Manager, Display Adaptors. It stopped the lagging and screen glitching mostly*.
BEFORE: AMD Radeon HD 6300 series
date: 10/10/2013
version: 13.151.1.3000
AFTER: AMD Radeon HD 6310
date: 7/4/2014
version: 13.251.9001.1001
However, beyond a certain distance it does look unfinished until the chunks have loaded. There was a session when I increased the chunk distance while playing a new game, that it glitched badly in unloaded chunks, and monsters looked weird in good areas, but that has stopped. Both these happened after I updated the video driver.