Hrmm, while yes ripping and replacing my cmdline_fso.cfg with you above post does stop the white objects bug, I believe it simply turns off the GLSL (shader) code completely.
A reduced test case for the same effect is simply adding -no_glsl to ~/Library/FS2_Open/data/cmdline_fso.cfg (for I know my default config was much longer than yours prior to this bug first appearing, everyone has different preferences).
-ambient_factor 0 -spec_exp 11 -spec_point .6 -spec_static 8 -spec_tube .4 -ogl_spec 80 -mod mediavps -cap_object_update 0
-no_emissive_light -targetinfo -ballistic_gauge -ship_choice_3d -spec -glow -env -mipmap -missile_lighting -cache_bitmaps
-dualscanlines -3dwarp -warp_flash -snd_preload -no_glsl
Of course, this means no shaders in-game