There is a blur effect on the bumpmap.
It is 'stretched' in proportion to your speed.
Also the mipmap bias is adjusted.
It sounds like your card and/or drivers aren't handling the bias very well.
Probably sampling 'of the end' of the mipmap chain.
I suggest you might want to try newest drivers if you haven't.
If this doesn't work then its probably some hardware limitation with the ati 7000.
Cheers
Jason Barstow