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Finally got some time to test this latest patch out. It is slightly better for me but still a problem and I think it is just related to Valletta. As you can see by the FPS numbers on these two screen shots (had to restart the FPS counter as the act of taking a screenie affects/lowers the scores thus different numbers for the MAX):



Then as soon as I get within the rendering distance of whatever causes this effect



As soon as I physically get the city behind me the numbers shoot back up into the 80s (there's a lot of flak/AAA giong off and several planes at this point so it's lower) and much smoother. Hope that helps you to narrow what it might be, at leastr tin my case. Thanks for the efforts.