I had several bugs with 1.5, most notably bizarre shadow striping (rectangular bands of shadows would appear whenever I was outside, and follow me around if I moved or turned), and the inability to see underwater at all. I have, however, remedied the issue by rolling back to the previous version. To people with Windows 7: for some reason, Windows doesn't save nearly as many versions of prior versions of the individual files as it does images of the folder. Right-click anywhere blank in the folder, go to properties -> previous versions, and find TESV.exe in there, then replace the new one with that. You'll possibly have more choices if you look through previous versions of the whole folder rather than just that file specifically (for example, I only had one previous version if I right-clicked on TESV.exe specifically, from way back in early February, but there were 8 previous versions of the folder, including one from two weeks ago that I used). Hopefully that helps.
