i wanted to place fireworks to test them out.
so i placed one down.
it started to raise.
but then it just dissapeared.
i tried it in different reamls but it wasn't solving anything.
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Exactly the same here (Windows 7 Home Premium 64-bit)
Happens to me too. Raises about 4-8 blocks and then just dissapears. (Windows 8 pro 64-bit)

You're pulling the empty firework from creative. It does exactly what it's supposed to do; go up for one second.
To have one explode, you have to craft it to explode. To have one fade colours, you have to craft it to fade colours.
ok dinnerbone i dont know the crafting recipe what is it
Crafting recipes and additional information can be found on the Minecraft Wiki.

updated summary
I think the plain rocket should be removed from the inventory, but this isn't a bug.
I'm having the same problem. I downloaded the snapsot and crafted a couple of rockets in creative. But all that the rocket produces is a smoke trail.
EDIT: Never mind, I realised you have to craft the firework STAR.

same here (Windows vista 32-bit and Windows 7 64-bit)
(Not even the raise thing work)
You need a firework star in order for effect!
Me too. I tried placing fireworks, and they just disappeared.Even in the nether, and creative and survival mode. Windows 7 Home Premium 64 bit.