Now, only since Version 1.022, I am getting bright green, orange, red and sometimes blue grass at very low altitudes. It also seems to be only when looking in a particular direction. And, sometimes it is solid color that covers everything on the bottom third of the monitor, sometimes just a tint to the grass.

OK!
I fixed my low altitude color problem by going into Video Settings and reducing Shaders Quality to Med.
Then I was able to max out most of my other video settings keeping Video Memory Usage at 82% and even gained a few fps
Core i5-2500K @ 3.3GHz, 8 GB 1333 MHz DDR3 Memory, GTX550 Ti 1GB w/ GeForce 285.62 driver, 24" 1920x1200 monitor, Logitech X-540 5.1 Surround, Logitech G940 + MSFFB2, TrackIR 5, Windows 7 Home Premum 64 Bit