I'm having a huge display corruption issue as well, and hope I'll manage to finish this reply before it starts:
Happened for the 4th time in a row this afternoon, in the middle of code editing (no screen saving involved) on a 2 week old installation of 10.8 installed from USB key + Server component from the App Store and barely updated to 10.8.2 today
It's a late 09 mac mini server (bought with my EPP rebate at the time;-) )
This unit went over the atlantic 3 times, compiled billions of lines of code, hosted half a dozen websites, launched hundreds of VMs with it's little RAM...
And never had a glitch until a few hours ago following the 10.8.2 update.
Visually speaking, 3 times out of the four: got moved around crops of the image filling up in clouds of purple with green speckles, the fourth time, just heavily repeated crops of display a bit everywhere, here's a pic:
https://www.dropbox.com/s/hwa0qvx9gjpjvut/IMG_20120920_161105.jpg
I can still manage to save a few docs before it becomes unresponsive, the audio buffer (listening to music) stalls after a couple of minutes.
Here's a piece of system.log
http://pastebin.com/yGxDWEhZ
Hope this get's fixed, I'm already feeling the mockery of devs around me using Linux (that I do appreciate) or Windows stations...
In the meanwhile, is it possible to downgrade kexts since ML ? doesn't the system look to much into consistency since all the security/sandboxing rattling ?
Thanks,
JaXX