This doesn't help, unfortunately.
EDIT: When I said this doesn't help, I mean.... the flare is gone, but I get black-modeled; The ground/objects are pitch black.
EDIT2: If I do this and go to the pause menu, I don't get black modeled, but it goes right back whenever I tweak the settings or go back into gameplay.
EDIT3: Well, made some progress. If I take it off in the scenario editor, I don't get the issue or the black models.
@GLTMyke: I tried fiddling with the view distance. No such luck.