This bug effects versions 1.7.x. It causes the world to be transparent and the only visible things are particles, mobs, and the sky (sun and moon). You can hover over blocks and you can see the cubic selection and block breaking and placing is also functional. It is not a texture problem since you can see blocks in your inventory. This bug also appears in forge 1.7.2.
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The catalyst 14 beta drivers are known to have issues, you need to use the supported 13 driver
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Duplicate of MC-47174 - If you have not, please use the search function in the future, to see if your bug has already been submitted. If you could not find the original report, please comment with the keywords you searched for.