I can't speak to the lag (not the programmer typing this particular message, I'll send them over) but the skull floating definitely isn't a glitch, that's meant to be there. The lag isn't, though.
Oh, okay. I thought I was looking at the mask that was currently on my face.
It's basically psychological. It's supposed to be a look into the killer's twisted perspective. "The Void" is represented by the mask, really