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