The title and description of the texture packs are messed up, making them unreadable. They appear as blocks in the colours of the texture pack icon.
EDIT: Some people in the comments are reporting broken text everywhere
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Confirmed. I just reselected default and it messed up all GUI text ingame.

This happens even with default. This issue might be related to the fact that custom fonts now load from texture packs, or that /gui/pack.png now also loads as well (it was last working in 1.2.5).

Also, I'd like to add that the FIRST time you switch packs after starting the game, the font starts loading from the items sheet. After switching packs again, it fixes itself. http://i.imgur.com/ZlsDkhe.jpg

OK, added another screenshot ...
Everyone upvote this, it's a really annoying bug!

Sorry, Tails, didn't see that you said that or added screenshots. Although, I have something else to add.
This issue can also be caused and solved by reloading textures (f3+t).
But, reloading can also cause another issue: http://i.imgur.com/vkLs1pd.jpg
Like the text issue, it seems to only happen once (although it's quite random to get it to happen).
After reloading textures again, the issue is fixed. I suppose it is related to the font issue.

I also noticed that items sometimes use textures from the font bitmap.

Another bug similar, the item textures break when you change texture pack in-game.
I added a screenshot to this post as an example.

Actually, never mind, the link's here:
https://www.dropbox.com/s/62jf3nl57838jsr/Screen%20Shot%202013-02-26%20at%203.39.36%20PM.png

When switching back to default I got insomniac_lemon's problem: the items were blurry

confirmed, really ugly. but... the lighting fps problem is uglier

Fixed in Snapshot 13w09b!

Here is a video of it if anyone is curious:
http://www.youtube.com/watch?v=UT-fSVx3rGY

This is happening as of 1.6.1 also

This is evidence of this bug showing in Minecraft 1.6.1

@John Riddle: That is MC-17673