Slow-mo Animations

[Inarog]

In the last few days I noticed that my character and mob animations have gone into a strange slow-mo mode. Every few seconds the animations will speed way up to "catch up" but then it quickly returns to horribly slow movement and melee swinging. At the same time I noticed that my clip plane adjuster does absolutely nothing. Using the hotkey to increase/decrease clip plane also does nothing. This occurs in both a low-density area (west freeport newbie area) and a high-density area (running past a bunch of guards at the gate).

Any ideas?