Even with auto adjustment on very permissive settings (desired framerate=1, avatars only) and bandwidth at 6,000 kbps, the new viewer doesn't like to render objects until I'm practically right on top of them (maybe 3 or so seconds away) while flying. I've got draw distance set to 280 meters (higher than usual) and it's still doing this. I can see far-away land just fine.
Once the objects are loaded, they will stay loaded unless I leave the area and come back (respecting draw distance), so this seems to be about the initial loading. (Edit: Nope, I'm seeing this even without leaving the sim. Flying through Bethel, I don't see the bridge until I'm within about 30 meters. In Rizal, the boat house doesn't show up until about the same distance as well.)
This is not a good experience for aircraft, and I don't think it's fun with boats either.