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Yet another display error for me :( I have done something to upset the hardware render gods...
Textures with alpha channels do not draw in order. You can see above that the floor is being drawn on top of the walls. There are countless other artifacts, but it is the most obvious. Viewed from below, the floor continues to be drawn 'in front of' the walls, although the shed will then be drawn 'in front of' the floor. I can't account for the draw order changing based on viewing angle, but I feel like most of the strangeness can be attributed to the 'blending mode' of the display. But that's a wild guess and doesn't really account for all the behavior.
I'm ruling out a texture setting problem because it renders correctly with the software renderer.
There is only a single mesh in the scene. The main structure, ground, roof, and chimney do not share any vertices, but they are a single object with a single material and projection.
This error is on my main quad-core production computer with a should-be-capable ATI sourced ASUS 5770 video card.
Textured and Textured Decal display modes have always worked with previous, non-transparent textures.