I see an error in your logwindow... It might be just that, perhaps converting 'objects/matlib/rainbowfilm_smooth.tga' to 'rainbowfilm_smooth.dds' helps you out...
Greetz,
Wiebelwie
Patience is a virtue...
But even then it'll run out
also it could be the corona for your sun has misplaced its texture (unless you have already allignd it with the sun painted onto the skybox) but yeah thats what my guess is as it is semi transparent and im gessing it is static in the sky