A particularly nasty side effect of this bug is the lag associated with causing the lighting engine to update many dark spots at one. Played a SMP world with mineshafts spawned mid-air with black lighting underneath. If you got into an area with enough black lighting around, the lag made the game virtually unplayable.
I understand why Talven marked this as a duplicate for the "black lighting" bug but I don't believe the two should be merged. The part of this bug that is most detrimental wasn't the improper rendering of light in the first place, but the extreme lag/game freeze caused by updating the lighting.
I have been running 1.4.2 directly from RAM and still have this issue. It's not a hardware latency issue. Chunks that I'mabout to walk onto will load at the last moment, but I often see no chunk until then.