[Milhouse]

@denz: Have you got anything unusual in your config.txt? Try with a minimal config.txt and see if that helps - remove any hdmi or overclock related stuff. Certainly try with stock OpenELEC just to rule that out. Can't think why it should be an SD card problem unless your kernel.img file is corrupt but it looks more like a vertical or horizontal sync issue between your R-Pi and TV.

Is it only the logo that has gone haywire? What about once the xbmc splash or menu appears on screen? The OpenELEC boot logo is being shown at 1920x1080, can your TV handle this resolution?

Adding "nosplash" to cmdline.txt will stop the logo from being shown.