This description fits a build I did of Stellarium 0.12.1 on an ACER laptop in a non opengl copy of Windows XP (no drivers for the particular ATI graphics card). The Win 7 64bit and 32 bit versions on the same computer did not show these symptoms.
 
I have not investigated further but it sounds like your video is lacking openGl support since the display is also  so slow.
 
Barry
 
> Date: Wed, 6 Feb 2013 21:49:37 +0100
> From: tobias-kuntz@web.de
> To: stellarium-pubdevel@lists.sourceforge.net
> Subject: [Stellarium-pubdevel] Stellarium 0.12
>
> Dear all,
>
> I really love stellerum!
>
> But it seems there are some graphical bugs in V.0.12. The sun and moon
> look like Amiga 500 graphics. Really nice! Stars sometimes look very
> interesting. They look like stars with a strange kind of star-shaped
> halo arround. V.0.12 becomes sometimes very slow. (FPS 0,0xxxx)
>
> I'm sorry about contacting you this way. But "reporting bugs" did not
> work for me. And I'm not a registered member.
>
>
> Greetings from Germany
>
> Tobias Kuntz
>
>
> Win 7 64 bit
> Nvidia GTS 450 (newest driver)
>
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