this seems like something went wrong with your textures... for some reason the textures on your objects are displaying as transparent, except when they blink and those textures are disabled... this isn't definite, but its a starting point... or at least a theory towards one...
Hope that helps somehow, and I hope someone else can be more specific with it... if nothing else, I'll serve as a *bump* so you get a better chance at more fluent help XD;