In the two latest snapshots, there is a constant unplayable lag issue.
Chunks are taking a long time to draw on the screen when game is first entered. Sitting "paused" at the menu screen causes chunks to load marginally faster, but when "Chunk Updates" drops to 0 and stays there, and you return to game, the game immediately starts updating large quantities of chunks (80-100+ at times).
Gameplay is nearly impossible, as blocks break properly and particles are shown, but the block remains on the screen for 5 sec to 2 min. It is possible to walk into these "invisible not-blocks" and have an x-ray effect. Hitboxes for blocks behave normally, it just takes an extremely long time for the screen to reflect any changes.
I experienced this with a fresh new world in 14w29b twice. Opening the world in 1.7.10 or earlier, including earlier snapshots, cures this and normal gameplay resumes.
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This is a tunnel carved straight through a hill, and I am currently standing facing the hill inside a dirt block (from my perspective).
It took two pause cycles (pause, wait 30-45 seconds, resume) before the land displayed properly. I didn't take a screenshot of it when it did display properly.

Can confirm for 14w29a, 14w29b. Affects instances on computer with and without OpenGL capability. Broken blocks do not vanish and create an x-ray effect when occupying their space. Placed blocks are invisible except for their outline. Water poured from a bucket does not appear, but particles and any item drops (seeds, etc) are shown. Torches placed in a dark space do not light up walls, but do light up mobs, chests, etc. Breaking a block within the torches light sphere fixes the lighting. Hitting F3+A to manually refresh chunks helps but as soon as you enter a new chunk the process must be repeated.
I am not experiencing much lag except when entering brand new chunks.

Newly placed dirt block, block is invisible for 2-10 seconds.

Standing in the space of 2 blocks that were broken but still visible. Moving into the affected space creates an x-ray.

Duplicate of MC-62166

Ha, figures! 😛