I created a video of it here http://www.youtube.com/watch?v=VyBrGkH4LXU&feature=youtu.be
The water and gravel are moving at insane speeds.

This is the description from the video:
I'm not sure if its just a technical blip from the computer itself or if it has to do with minecraft itself.

1. The Torches,Me, the item entities,the lava in the background and the waters moving textures are moving at their normal pace

2. You might not be able to tell too well but the gravel was moving at stupid fast speeds as well.

3. The video is showing the exact same speed as I was playing. It's not the video. This really was the speed things were moving in minecraft

4. This was a brand new world map created during one of the snapshots and there was no cheating or any mods used on it. Completely clean and untouched Jar. File

5. The lava's flow texture is still abnormally fast

6. This only lasted for about 5 minutes before stopping and going back to a normal speed.
though the lava's texture animation is still abnormally fast. I'm assuming that was just snapshot related because I know they were tampering with the textures a bit.

7. My computer is nothing special. The specs are decent but not high enough to be doing this on its own. I would say its a tiny bit above average when it comes to dealing with minecraft.

8. I have never witnessed before. This happened out of nowhere. First time I've ever seen this.

Minecraft (c) Mojang