Same here unfortunately

I can get it to a playable level if I change the terrain distance to a minimum value in the video settings.
I am using Direct 3D instead of OpenGL because for me OpenGL seems to be buggy (character textures are all over the place).
Try setting gxApi to d3d.
This is my Config.wtf file, it's in WTF folder in the WoW installation folder.
Code:
SET UIFaster "2"
SET gxApi "d3d"
SET ffxDeath "0"
SET ffxGlow "0"
SET SoundOutputSystem "1"
SET SoundBufferSize "150"
SET locale "enUS"
SET readTOS "1"
SET readEULA "1"
SET realmList "us.logon.worldofwarcraft.com"
SET readScanning "-1"
SET readContest "-1"
SET patchlist "us.version.worldofwarcraft.com"
SET hwDetect "0"
SET gxResolution "1280x800"
SET gxMultisampleQuality "0.000000"
SET SmallCull "0.070000"
SET DistCull "350.000000"
SET farclip "177"
SET particleDensity "1.000000"
SET movie "0"
SET showToolsUI "0"
SET realmName "Moon Guard"
SET gameTip "55"
SET checkAddonVersion "0"
SET spellEffectLevel "0"
SET M2UsePixelShaders "1"
SET Gamma "1.000000"
SET MusicVolume "0.40000000596046"
SET SoundVolume "1"
SET MasterVolume "1"
SET weatherDensity "3"
SET useWeatherShaders "0"
SET AmbienceVolume "0.60000002384186"
SET uiScale "1"
SET unitDrawDist "300.000000"
SET lod "1"
SET baseMip "1"
SET DesktopGamma "1"
SET minimapInsideZoom "0"
SET gxVSync "0"
SET anisotropic "2"
SET ffx "0"
SET gxColorBits "24"
SET gxDepthBits "24"
SET mouseSpeed "1"
SET cameraYawMoveSpeed "180"
SET cameraYawSmoothSpeed "180"
SET cameraDistanceMaxFactor "1"
SET ShowTargetCastbar "1"
SET ShowVKeyCastbar "1"
SET deselectOnClick "0"
SET autoSelfCast "1"
SET minimapZoom "0"
SET MasterSoundEffects "0"
SET EnableMusic "0"
SET EmoteSounds "0"
SET SoundListenerAtCharacter "0"
Also, install the latest version of wine, I think .40 is the latest one
HOWTO Install and update World Of Warcraft with wine - Gentoo Linux Wiki