i dont think so. i had this issue before few days, with graphics card ATI Radeon HD 4800 series.
mojang is probably working on this issue, but the problem seems more complicated than we think
Just found out that it lags and freezes even when the game is paused (esc) o_o thats weird.
my world gets corrupted and chunks are extra fastly changing when my render distance is 7 or more chunks. Enviorment: PC, Windows XP, 32-bit Java