If the nav sphere is turned off, when launching, the launch cloud will have no textures; however when it is turned on the launch cloud will have textures.
Start Sandbox, Turn Nav Sphere off.
Throttle up.
Throttle down.
Turn Nav Sphere on.
Repeat 2. and 3.
Dev Notes: It appears to be related to MRT. If I disable re-entry effects, the problem does not occur. Also, I can repro this issue by changing the Depth of the NearCamera to be greater than NavSphereCamera.