I'm having this same problem. Never had this problem with Warband vanilla or MM. I was also playing fine for a while till I got disconnected from a server (internet was still up, just lost connection to the game). When the servers do eventually appear in the list, they come up with pings in the millions. Interestingly, if I then switch to my favourites, I can see servers with normal pings for about a second, at which point they disappear. I cannot connect to these, even if I'm quick enough to try.
[Talesworld copy of Warband, Gamersgate version of NW, patched with the fix]
