If I shoot a mob with a spectral arrow, the effect of the arrow causes the display to black out as long as it is onscreen. If I turn away the view comes back, but until the effects of the spectral arrow has worn off the mob, looking at it will black the screen out.
I have uninstalled and reinstalled Minecraft.
I have fully updated my video drivers, Java, and the game runs at about 30% of the max allocated RAM of 4GB, though the problem was still occurring when the game was running at 100% of 2GB allocated RAM.
Possible duplicates:
MC-89755 (intel drivers so it's probably unrelated)
MC-98100
MC-112849
I'm not good with graphics card issues, but it does sound like everything is up to date. Several other issues mention changing fboEnable in options.txt, so that may be worth trying.