I have a large landscape, 25 tiles in World composition, about 10Kx10K
The landscape terrain is a set of island. I added tiled BSPs to represent water.
Some part of the landscape is just above the BSP (100cm).
Depending on the viewing height (camera is at 50000cm to start with) and viewing angle, I have some bad flickering between the water and the landscape material. as if the engine could not decide which one is on top of the other and changes its mind constantly.
In addition, I can also make the flickering disappear if I just select the BSPs in the world outliner during play.
I will need to check the exact option, but you can change how the landscape is rendered at long distances. What happen is that the landscape changes shape to help with FPS.
You can alter this and it should stop it, but will sacrifice some speed.
I will see if I can find where to do it. I had the same issue.