I have this as well, and can provide some hard data on the behavior of this glitch. Video card is a ATI Radeon 9200 series - I didn’t outfit this CPU, so that’s all I can give you before digging into the case and looking for a serial number.
This bug is a game-stopper; frame rate drops to 1-2 frames/sec when the screen is white. As you zoom in, lines appear, until the map (Background and starfield - the ships and weapon fire are still clearly visible) goes white. These lines are either horizontal, or vertical, depending on your map positioning. Vertical lines appear when when you move closer to the top or bottom of the map. Horizontal lines appear closer to the left or right of the map. The effect is harsher when you are in an area where you get both horizontal and vertical lines - you’ll get a white screen with much less zoom.
Screen resolution makes a difference; at lower resolutions, you can zoom in further before they begin to appear.
The white background isn’t instant - it fades in as you cross a certain threshold, but it fades in very fast. Framerate doesn’t instantly drop; I can’t tell if it drops when you cross a threshold, or just drops more and more as you zoom in further; I suspect the latter.
There are positions on the map where you can move that permit you to zoom in further, and in these areas, you can also zoom further in before the white screen shows up. This position is usually below and to the right of the map’s center, regardless of map size. Near the center of the map, you can usually find a place where the white screen actually appears before the lines, but you can still see the lines appear behind the white space.
If you are near this area at the middle of the screen, zoomed in to a point where lines and the white screen haven’t yet appeared, and move up, down, left or right, they’ll jump into place very quickly - zooming out again will usually remove them again.
On small maps:
(Tested on “encounter at andromeda”, 1024x768 resolution)
Remaining zoomed out will completely avoid lines and the white screen. You can zoom in a little with no problems, but you can’t even begin to see fine detail. If you begin to make out detail in the gun turrets, you have to be in the ‘sweet spot’ under and to the right of the center, where you can get the most zoom without seeing this effect.
On medium maps:
(Tested on “the orion ambush”, 1024x768 resolution)
Lines are visible fully zoomed out when your viewpoint is near the left or top edges. (This makes sense, because your ‘sweet spot’ is beneath and right of center - further from the upper left.) If you move the view to the upper-left corner, where you get both vertical and horizontal lines, the screen goes white, even fully zoomed out. In the lower-right, you have no lines at all, zoomed out.
On large maps:
(Tested on “the rockwall nebula”, 1024x768 resolution)
The ‘sweet spot’ is a very small region, and even fully zoomed out you will see both horizontal and vertical lines. Moving your viewpoint very far outside this zone causes a white screen.
Last and definitely least, I did not pick an ELO album cover as my forum avatar.
EDIT: Tested all video options on this glitch’s behavior. No apparent effect. Drivers on the ATI card are recent, within the last two weeks.