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I didn't see anything pink yet, but in Hew's Bane I get a ton of like 2-8-color textures which look like walls of mud. They take a century to render, although I'm playing on medium settings already. It's ok outside of the city, though.
Edit: to explain it a bit more clear, they're like distantland textures, or they ARE distandland textures.
I had the same issue with some ogrims and harvesters in IC, only with 64bit client.
Actually the 64bit client was the only client I could enter IC with.
The old client produced infinite loading screens.