Part of the warnings.txt that looks suspicious:
Failed to create shader Shaders\TexCoord_4_Offset_A.vso
Failed to create shader Shaders\TexCoord_4_Offset_A.vso
Failed to create shader Shaders\WC_TexCoordGen.vso
Failed to create shader Shaders\FauxEMBM_Displace_2.pso
Unable to load pixelshader file: FauxEMBM_Displace_2.pso
Failed to create shader Shaders\FauxEMBM_Displace.vso
Unable to load vertexshader file: FauxEMBM_Displace.vso
GeForce GTX 570 is my GPU.
EDIT: Disabled Distant Land and HDR per key macro, did not help.