My friend updated to 1.16.200 yesterday and all of the sudden the game just stopped working correctly. At first, the buttons on the title screen wouldn't load, then we managed to fix that by resetting the game several times and changing a graphics setting (graphics filter set to performance). Then, he loaded up a world and was welcomed by the attached screenshots. The game worked flawlessly (mostly) prior to this most recent update.
PC spec (if it helps)
Core 2 quad e8400 at 2.66ghz
8gb ddr3 1066 in 4x2 configuration
AMD R9 270 2gb graphics card