Here's working code:
sync on
load image "C:\Documents and Settings\Ian Mold\Desktop\land5.png", 1
backdrop on
color backdrop 0
autocam off
for i=1 to 1000
make object plain i,10,10
texture object i,1
SET OBJECT AMBIENT i,0
set object transparency i,1
position object i,rnd(1000)-500,rnd(1000)-500,rnd(1000)-500
next i
sync
do
for i=1 to 1000
point object i, camera position x(), camera position y(), camera position z()
next i
CONTROL CAMERA USING ARROWKEYS 0,1,1
text 0,0,str$(screen fps())
sync
loop
After I realised you wanted a billboard effect, it was quite easy to fix - just one line really.