After downloading the current snapshot 1.8, I started playing and went to my Ender Chest and all my Inventory was gone along with all my inverntory I had on me and my Armour. I shut it down, restarted it and looked again... nothing.
I started to play my Minecraft 1.7.4 world and checked my Ender Chest and nothing as well. But I had items in all my other chests. My on hand inventory was also still gone along with my armour. Then I realized that my sound wasn't working. I shut it down again and restarted it. Still no sound, nothing in my Ender Chest, and now nothing in any of my chests approx. about 30-40 of them. The only one that had anything in it was my coal chest. So now i have no inventory at all. The world I've been playing on for the last 5-6 months collecting inventory. Im sadden thats its all gone. This is the first snapshot I have ever downloaded and it will be my last.
As indicated when you select the option to use snapshots, you should backup your saves if you don't want them to have issues. Snapshots are not guarenteed to be stable. Also, version backwards compatibility is not supported.