Afraid no screen shot, never did one before so didn't know the shortcut in time to capture it.

Was a piece of large debris from a recently destroyed ship that appeared to have no texture or perhaps the improper texture.  It appeared bright red, quite bright, it had some shading on the object but the red texture appeared to have no detail.  Thinking about it now it would have been the enemies team colour as all enemies were red although this may be a red herring.  I should add all other debris seems black/grey in texture and looks appropriate.

Spec:

Dell XPS 1730 Laptop with Nvida 8800 x2 in SLi.  4GB RAM, running at 1920 x 1200 (native res for my monitor I forget exact numbers) with everything on highest.  I am running the Dell performance (read beta ) drivers which is quite likely where the issue is.