The closest thing I can compare it to is the guy in the suit runs in to something and drops a contact.
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The only way to clear up the issue is to die. You can keep running for as long as you want, but until you die the game is stuck in the glitched graphics. Again, I think lost contact.
I was playing last night and it happened after I ran in to the pod on Crash Site.
Video here:
http://youtu.be/zryL9_Fi2_Y
It happens around :40 seconds in. Its a bit hard to see because I'm not capping in HD (it's a lot more obvious then) but its still pretty clear you can see everything go fuzzy directly after I run in to the pod. Has this issue occured to anyone else?