The same happens to me but my graphics card is like 2 months old and a very good one, this glitch has been happening for around 1 and a half for me but that is when i started playing on the snapshots so i dont know exactly when it started but my guess is when the new rendering system was added (Still happening in Pre release 3). It is all dependant on render distance for example when i load up any world and turn my render distance up one more that i spawned in with it does the bug, but if I put to higher (So it does the glitch) and then i restart minecraft i can then see further but not further then what i spawned in using
Tom Kaye
The same happens to me but my graphics card is like 2 months old and a very good one, this glitch has been happening for around 1 and a half for me but that is when i started playing on the snapshots so i dont know exactly when it started but my guess is when the new rendering system was added (Still happening in Pre release 3). It is all dependant on render distance for example when i load up any world and turn my render distance up one more that i spawned in with it does the bug, but if I put to higher (So it does the glitch) and then i restart minecraft i can then see further but not further then what i spawned in using