Having MIPMAP setting at 4 (default setting) and taking items like torch or a sapling causes problems with textures - I've read few topics at forums (transparent blocks / glitchy colors ect).
[edit]
Turning OFF mipmap settings resolves the problem.
/edit
Screenshots (and topics they are from):
(https://www.minecraftforum.net/topic/2066640-glitchy-graphics-in-172-solved/)
(https://www.minecraftforum.net/topic/2065344-game-breaking-issue-with-172/)
(https://www.minecraftforum.net/topic/2066445-massive-graphics-glitch-when-holding-certain-items/)
Environment
Win8 x64 Java7u45 x64 (doesn't seem to be the problem though)
Linked issues
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