A couple of times when there's been red lag I've tried to use F1 to refresh my character (and to save it's possition in case the server crashes). If the command of selecting the character times out I get returned to the menu and all the messages that took place before I timed out appear.
The chat feature still works in this state so I can still communicate with other players. It is not possible to leave CF at this point without minimzing it and forcing a quit via Task Manager. The screens attached are from today and a couple of days ago. In the first instance I was flying a Kusari Destroyer in X-3043, and the second a Bullpup III in Arena. During both cases other players were PvPing within 5K of me. While I was able to use the launcher and get back onto the server after the first incident, it wouldn't function after the second. Also, it seems that after a few seconds of being in this state screenshots cannot be taken (otherwise I would have had about 6 more).
I don't know if anybody else has had this problem, but I thought it'd be worth reporting.