In the 14w25a/b snapshots, most of the world will be invisible. The blocks are still there as you can stand on, break and place them in these spaces or on top of others. Any blocks placed on top of invisible chunks also turn invisible.
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Same issue appears here repeatedly when creating new worlds and playing in them for the first time. Quitting and re-entering the world seems to fix it.
Environment:
Snapshot 14w25b
Java 8 Update 5 (64 bit)
Intel Core 2 Quad Q6600 (2.4 GHz)
4 GB RAM (-Xmx1G)
Windows 7 x64
Nvidia Geforce 9800 GTX+ OC (Geforce Driver 340.43)