-novbo disables use of Vertex Buffer Objects which helps speed up rendering by storing geometry data in high performance video card memory for quick and easy access. NVIDIA has great drivers so unless you experience problems, use the newest available and keep updated.
I did make a performance optimization (hopefully) at one point, and though it didn't make much of a difference at the time, I made the change mostly to help prevent large performance problems with really detailed models like the Death Star and BSG. Grab my
20050613 build, since it was the last before this change, and see if you still have geometry problems without -novbo. The change I made isn't specific to VBO code but a mix of the two may be causing a problem for some cards/drivers. That build does have various issues that have since been fixed so I don't recommend using it except to test this problem. If that change is causing the problem then I'll make it disabled by default.