For pslaunch: click no for updates and instead of it click on repair button, this works for me
For psclient: I have similar issue and seems it's caused by client not responding to server while compiling shaders, because I am getting the same error messages in console as for combat lag, while it is too big and client stops responding. After the shaders are successfully compiled (say 3rd try every time), the game runs fine. While the loader cache works properly, the client starts fast and runs fine at every 1st try. What I don't know, is, that now, after latest update, the shaders are compiled always and are not stored in shadercache directory anymore (it stays empty), even if I have it enabled.
To developers: Please, fix the loader cache so it will work again as before the last update. (I don't know whether it's bug or new behavior, but it causes problems to many people). It seems that the psclient now uses file instead of directory, so deleting the shadercache directory should help (I will test it).
Edit: so I tested it, it helped but running or turning in larger areas, such as in BD, Hydlaa, Gugrontid or Winch building is now very laggy (maybe caused by compressed shadercache instead of directory as it was before?). My question for this is: Can it be configured back to previous type of uncomressed directory for shadercache or at least uncompressed file? Maybe there is also something else, I don't know. When this happens, I am getting continually errors of this type:
Fri Jan 15 00:17:27 2010, <src/client/psclientdr.cpp:267 HandleStatsUpdate SEVERE>
Fri Jan 15 00:17:27 2010, Stat request failed because CelClient not ready for EID:42607
I never had this problem before last update.