After updating to the newly released 12.4 version of the ATI driver (I have mobility 2600 HD GPU), was able to see through polygon shaped gaps in main characters head and hands. Guess it's missing textures or somesuch.
Doing a rollback to 12.3 resolved the problem.
I don't have anti-aliasing forced in the driver which is known to cause texture problems. I submitted the problem to ATI since it looks like their problem not yours