This occurred in both version 3.7.1 and rev 4065 (currently Windows nightly build). The computer is running Windows 7 64-bit (service pack 1; all up to date). Graphics card is a GTX 560-Ti, latest drivers (310.70). This seems to be resolution dependent. One resolution I was able to reproduce this on was 1440 x 900 (which is neither 4:3 nor 16:9). Noteworthy that I chose this resolution in the settings menu; no INI changes were made. At the same time, though, I could not reproduce this in 1680 x 1050, which is also a non-standard resolution. The issue is also evident on a 1280 x 800 resolution (same aspect ratio; 8:5).
There seems to be two noticeable issues here. First of all, a "cut off area" that isn't lit creeps in at certain times of the day (such as around 9:00), as seen in the first image. It later creeps out at other times of the day (such as around 14:00). It can be more of less noticeable at different camera angles (images taken from default angle).


The other issue is more serious. When night falls, half of the screen is covered in a weird "veil" that is unlit. This is best illustrated with an image:

These screens from another game (different resolution, same issues) further highlight the strange effects (it's a really strange state, it's like the models textures are blanked out):


The above effect starts at nightfall, but leaves when the day begins again.
And another screenshot showing the severity of the first issue (visible at some parts of the day) at its peak:

Obviously a dirty solution would be to not use these resolutions (remove them from the options menu), but then anyone with a screen with a 1440 x 900 resolution (I've seen some laptops using this resolution) can't use an optimal resolution. There may be other resolutions affected, I didn't have time to check them all.
EDIT: Also, if it matters, all screenshots were done from the anarchy scenario, so the tileset is Winter Forest, the techtree is the MegaPack, and the map is Four Rivers. There are no logs available, as the game does not recognize any form of error.