I have a fast PC and I'm seeing it too, but only on the dwarf model so I don't think pc speed has much to do with it, it might enhance the effect though. Last I heard about this bug it was caused by something in Cal3D. For example, my CVS build has this glitch far worse than my binary client, they use different CS & cal3d dates.
Maybe using the latest CS winlib fixes it, but for that the CS date for PS needs to be bumped I think.