Every block and mob, including own player model / other player models(every camera angle) are invisible in both single player and multiplayer. Only things visible through testing so far are particles, paintings, item hitbox, and the hopper in a hopper minecart. Actual GUI (inventory/exp/hotbar/etc. are unaffected by this bug). Problems are existent regardless of texture pack (default or custom).
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Without full details, all I can guess is you're using the beta AMD drivers (14.x). These are not supported by Minecraft (and as a beta are not fully supported by AMD), thus you would need to revert to the 13.x version of catalyst drivers. See MC-47174