Saw this yesterday on two systems, one WinXP, one Vista 64 running 8.0c and 8.1
If the preview window was set to Preview>auto the image was black or occasionally played in a very skewed format.
Switching to full, half or quarter fixed it as did viewing it in Best, good or Draft.
Rendering to .wmv at preview quality also created only black, but it was fine at good.
The project is a multi layered project using nested .veg files but the issues appeared when I replaced the .veg files with rendered .mpgs
(it's for a multi screen display with 6 1400x1050 projectors so I use this project to make client approval copies)
Anybody else seen this before?
Also viewing in draft>quarter seems to move tracks which had been positioned using track motion?