Here's a quick reply:
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Note that the easiest way to try to fix the Wavy Black and White Ironsights bug is to go into My Documents>Battlefield2>cache and delete the stuff in there (it has a weird name made of random numbers and letters). The game will recreate it when you load it up and it might fix the bug and you won't have to try the fix in that thread and/or reinstall.
Also, make sure you are playing through the FH2.exe and not BF2.exe.
You seem to love quoting my posts that I make to help people, N24.
Thank you sir. 
What do you mean playing through FH2 not BF2?
Anyway, since no one answered this question (fully), I'll give it a go:
A certain patch of BF2 made it impossible for mods to use different graphics shaders in the game. To remedy this, the FH2 devs made the FH2.exe, which switches around some files before launching the game, thus allowing them to use their own shaders and improving the quality of their work. If you play FH2 from the "Community" tab in BF2, those files never get moved, and can result in some bugs (including wavy black and white iron sights, as well as psychedelic sandbags and bland camo nets).
Always play FH2 through the FH2.exe that it came with. If you lost it, it should be in Program Files>EA Games>Battlefield 2. It's an application (sized 64 Kb) called FH2, and it's icon is the
FH2 logo. Create a shortcut of it on your desktop and play FH2 through that.
If you deleted the shader cache (the thing noted in N24Reporter's first post) and play through the FH2.exe, but the problem persists, you can either try reinstalling, or you can give us some more info (which OS you use [XP, Vista, etc], which version of BF2, etc) and we can try to help without you having to reinstall.
