Appears to be fixed in 1.8.8 but I have a new laptop now (Win 7, 64-bit Java 1.8, newer graphics card) so can't say whether hardware was a contributory factor.
Fixed in 14w27b. Also this is probably a dupe of some other reported issues but that's what happens if you report it straight from the launcher like I did.
Appears to be fixed in 1.8.8 but I have a new laptop now (Win 7, 64-bit Java 1.8, newer graphics card) so can't say whether hardware was a contributory factor.